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VTB buys Yuans on the MICEX

15 December 2010

On 15 December 2010, VTB was one of the first banks to buy Yuans on the Moscow Interbank Currency Exchange when the Ruble/Yuan trading was launched there. The Ruble/Yuan trading on the MICEX is an important benchmark in developing trade and economic relations between Russia and China.

VTB is set to perform a market maker function in future similar operations on the MICEX. Earlier, JSC VTB Bank Branch in Shanghai already started acting as a market maker on the China Foreign Exchange for the Ruble-Yuan currency pair.

The Yuans bought on the MICEX can be used to make payments under trade contracts with China or tourist contracts. VTB Bank can offer its corporate customers and correspondent banks to open accounts in Yuans, perform conversion in Yuans, and conduct other operations related to trade settlements with China, including loans in Yuans.

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