23 Sep 2022 10:39

VTB launches yuan deposits for corporate clients

MOSCOW. Sept 23 (Interfax) - Russian state bank VTB has launched deposits in Chinese yuan for corporate clients, the lender announced.

Clients can place deposits and minimum account balances in yuan. Interest on deposits is paid into the account opened in the deposit currency.

"Amid the de-dollarization of the Russian economy, the yuan is becoming an increasingly attractive asset for legal entities. We are trying to offer clients new instruments in 'soft' currencies that are an alternative means of investing funds and earning additional income. Expanding the product line for work with national currencies is a priority in VTB's operations today," VTB senior vice president Yulia Kopytova was quoted as saying in the press release.

VTB is interested in developing export and import transactions with China, the bank's senior vice president, Vitaly Sergeichuk said, commenting on the launch of the yuan deposits.

"We're seeing growth of the trade turnover between Russia and China. Many of our clients are reconfiguring logistics and commodity chains, exports and imports are growing, Russian companies and their Chinese counterparties are gradually switching to national currencies in settlements. Deposits for legal entities are a convenient instrument for placing liquidity in yuan, which in turn will enable us to establish a liability base for lending in the Chinese currency," Sergeichuk said.