BEIJING: Demand for the yuan is growing in Russia thanks to bilateral trade and the globalization of the currency.
In 2015, Harbin Bank, in Heilongjiang Province, transferred 35 million yuan (US$5.4 million) in cash over three transactions to Moscow, making it the top Chinese bank for yuan cash transfers to Russia, the bank said yesterday.
Yuan transfers will improve the currency’s flow in Russia and support bilateral trade. China and Russia have boosted bilateral cooperation by working financially in recent years.
In October, an alliance of 35 Russian and Chinese financial institutions was formed to better serve cross-border financial activities during the second China-Russia Expo held in Harbin, the provincial capital.
The two central banks signed a currency swap agreement worth 150 billion yuan in October 2014.
Cross-border cash transfer of the yuan first began between China and Singapore in 2014.
The yuan was admitted by the International Monetary Fund to its Special Drawing Rights basket alongside the US dollar, euro, British pound and yen on November 30.
