Russia’s Largest Bank, Sberbank, Wants to Join the Chinese Banking System
Russia’s Sberbank intends to accelerate currency payments in China, and in order to achieve it, plans to join the Chinese banking payment system, says Anatoly Popov, Deputy Chairman of Sberbank’s Board of Directors.
The move, if implemented, would benefit bilateral trade between the two countries, including both Russian and Chinese SMEs. “We are working to become participants in the Chinese bank payment system in order to ensure the speed of payments to China,” Popov said. Popov also emphasized that as China is an important trading partner for Russia, it is important to ensure a high rate of currency payments.
At the same time, in a presentation presented by Sberbank at the conference, it is noted that currency control of 92 percent of payments is carried out within one hour, 99percent – within three hours.
Russian-Chinese bilateral trade hit US$100 billion last year and is expected to reach US$200 billion by 2025 – a 20 percent growth rate YoY for the next five years. Sberbanks China presence is located in Beijing. It is looking to service Chinese traders in Russia and Russian traders in China. A large and well-established Russian trading area is situated around the Jianguomen area of Beijing.
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