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Russian cenbank says will open office in Beijing in mid-March
March 1, 2017 / 9:24 AM / in 9 months

Russian cenbank says will open office in Beijing in mid-March

MOSCOW, March 1 (Reuters) - The Russian central bank plans to open an office in Beijing in mid-March, a central bank official said on Wednesday, as Moscow looks into borrowing in Chinese yuan.

Speaking at a Russia-China conference in Moscow, Vladimir Shapovalov, a senior central bank official, said the Bank of Russia would open its first foreign office in two weeks’ time.

Shapovalov said the move would help develop the two countries’ capital markets and boost settlement in national currencies.

Russia and China have already created a clearing centre in Moscow that can handle yuan transactions. Closer cooperation should pave the way for a Russian finance ministry plan to issue treasury bonds denominated in yuan.

Russia wanted to borrow Chinese yuan -- for the first time -- in 2016, but had to postpone the plan.

A Moscow Exchange official said on Wednesday Russia was considering borrowing around $870 million by selling so-called Baikal treasure bonds denominated in yuan this year. (Reporting by Elena Fabrichnaya; Writing by Andrey Ostroukh; Editing by Andrew Osborn)

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