Russia, China round up joint naval exercise in Baltic SeaMilitary & Defense July 27, 21:27
Chechen leader says he is ready to quit his job to protect al-Aqsa Mosque in JerusalemSociety & Culture July 27, 21:07
Russian tennis star Sharapova granted wildcard for WTA tournament in CincinnatiSport July 27, 20:11
Russia invites Baltic partners to attend naval review in St. PetersburgMilitary & Defense July 27, 19:38
Russia’s new ambassador to Turkey presents his credentials to ErdoganRussian Politics & Diplomacy July 27, 19:03
Deadly wildfires in southern EuropeWorld July 27, 18:20
Russia interested in cooperation with Finland on Arctic environmentBusiness & Economy July 27, 18:14
New US anti-Russia sanctions way to pursue its economic interests with cynicism — PutinRussian Politics & Diplomacy July 27, 18:11
Moscow surgeons separate newborn Siamese twins conjoined at head in 30 minutesSociety & Culture July 27, 17:57
BEIJING, December 16. /TASS/. The recognition of Chinese yuan as a reserve currency is a positive event for Russia, head of Vnesheconombank (VEB) Vladimir Dmitriev told reporters on Wednesday.
"In general, the strengthening of yuan’s role as a reserve currency is a positive thing for us. The Russian banks have been sanctioned by the Western countries, so when we don’t have an opportunity to borrow in those currencies that are subject to sanctions, we are, obviously, turning to Chinese creditors. We used to attract funds there before and now we are turning to the yuan more and more frequently," he said.
Dmitriev noted that after the sanctions were imposed there were some difficulties with the Russian-Chinese bank calculations.
"But we are delighted to note that despite the sanctions, our Chinese partners among the banks are continuing to grant loans, including loans in foreign currency, especially when it comes to the supply of Chinese equipment together with attraction of Chinese investment. This gives us a real advantage, and they understand us when we are beginning to shift to borrowings in yuans, "- the head of VEB said.
On November 30, the board of directors of the International Monetary Fund (IMF) added Chinese yuan to the foreign exchange reserve basket (Special Drawing Rights - SDR). The decision will come into force on October 1, 2016.