REUTERS
Russian state bank VTB has asked China’s Ministry of Finance to allow Russian companies to borrow in the Chinese currency the yuan, VTB Chairman Andrey Kostin said, Russian information agency RIA Novosti has reported.
The Chinese Minister of Finance has been positive about the proposal, he said, but said that this requires practical consideration.
"The market for borrowing in RMB, that is in common, local currency, is closed for companies and banks. Therefore, we asked in the presence of the Chinese Finance Minister to consider the possibility of granting access to Russian companies," Kostin said.
"It would be a very important source of funding for Russian companies and banks today if we managed to get into this market," the VTB chairman said.
On Saturday, March 28, closed Russian-Chinese talks were held with the participation of companies and relevant agencies from the two states on the sidelines of the economic forum in Boao.