Support Russia Insider - Go Ad-Free!

Russia's Sberbank CIB Will Start Issuing Bonds in Yuan in 2017 For Clients

The rise of China's currency in global markets continues apace

MORE: Business

Sberbank expects in 2017 to place bonds in yuan, said the Vice-President of Bank Igor Bulantsev. About the plans to issue bonds on behalf of clients  in the Chinese currency, the Bank said in may this year

Sberbank of CIB intends to place bonds in yuan in 2017 for clients, and at the moment a credit institution is in talks with several interested companies. This was stated to journalists by the senior Vice – President of the savings Bank Igor Bulantsev, reports TASS.

“I think this fall will not. But next year will probably be [the placement of bonds in RMB]. We on the one hand we see the increasing interest in the financing in RMB, on the other hand is a complex tool. All the time,” said Bulantsev, answering a corresponding question of journalists.

According to him, Sberbank plans not only affect their own borrowing in yuan, but also the participation of the credit institution as the organizer of such transactions for other companies.

That Sberbank is thinking about issuing bonds in yuan, in may this year, reported the press service of the credit institution. The report said that at present, Sberbank is actively developing cooperation with a number of Chinese banks, including with the purpose of lending to Russian corporate borrowers in the Chinese currency.

The Bank said that with the development of this business will consider the issue of diversification of sources of liabilities in Renminbi, for example, through the issuance of public debt instruments in the Chinese currency.

Previously, the investment subsidiary of the savings Bank Sberbank CIB said the Agency “RIA Novosti” that during the year the Bank issued more than 150 letters of credit in Chinese yuan for Russian entrepreneurs conducting business in China, and sees great potential in this area.

This year the Sberbank has launched a pilot retail products in RMB, which is currently being tested in the far East.



Source: Edesknews
Support Russia Insider - Go Ad-Free!
MORE: Business

Our commenting rules: You can say pretty much anything except the F word. If you are abusive, obscene, or a paid troll, we will ban you. Full statement from the Editor, Charles Bausman.