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Russia’s Sberbank launches letters of credit in yuans

November 18, 2014, 10:48 UTC+3 MOSCOW

The deals envisage delayed payment for import contracts denominated in yuans

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© AP Photo/Vincent Yu

MOSCOW, November 18. /TASS/. Russia’s biggest lender Sberbank has launched yuan-denominated letters of credit, the bank said in a statement Tuesday.

The bank issued a series of letters of credit for a corporate client, Sberbank said.

The deals envisage delayed payment for import contracts denominated in yuans.

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