Chinese banks are increasingly interested in the Russian market: after the adoption of the law allowing foreign banks to open branches in Russia, several Chinese credit institutions have expressed their desire to open representative offices in Russia.
This will facilitate trade settlements and strengthen the payment and settlement infrastructure between Russia and China: the branches will be able to open and maintain legal bank accounts, make remittances without opening accounts and foreign exchange transactions, as well as collect cash, bills of exchange, payment and settlement documents and cash services for legal entities.
Subsidiaries of the largest Chinese banks - ICBC, Bank of China and China Construction Bank and Chinaselkhozbank - are already operating in Russia (until September 1, they operated with restrictions). In turn, there is also a branch of the Russian bank VTB Shanghai in China, and Sberbank, Alfa Bank and Gazprombank have plans to open branches in the Celestial Empire.
On November 13-15 at the Russia-China Forum, experts will discuss the prospects of banking cooperation and economic partnership between the countries.
This will facilitate trade settlements and strengthen the payment and settlement infrastructure between Russia and China: the branches will be able to open and maintain legal bank accounts, make remittances without opening accounts and foreign exchange transactions, as well as collect cash, bills of exchange, payment and settlement documents and cash services for legal entities.
Subsidiaries of the largest Chinese banks - ICBC, Bank of China and China Construction Bank and Chinaselkhozbank - are already operating in Russia (until September 1, they operated with restrictions). In turn, there is also a branch of the Russian bank VTB Shanghai in China, and Sberbank, Alfa Bank and Gazprombank have plans to open branches in the Celestial Empire.
On November 13-15 at the Russia-China Forum, experts will discuss the prospects of banking cooperation and economic partnership between the countries.