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Placement of OFZ bonds in yuan scheduled for 2016 — Russia's Central Bank

November 10, 2016, 21:21 UTC+3 MOSCOW

The market is technically ready for the placement of OFZ bonds in yuan, First Deputy Governor of the Central Bank Sergey Shvetsov says

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MOSCOW, November 10. /TASS/. OFZ bonds in yuan will be placed in 2016, technically everything is ready, First Deputy Governor of the Central Bank Sergey Shvetsov told reporters on the sidelines of Sberbank conference.

"The market is technically ready for the placement of OFZ bonds in yuan. I think we will be ready before the end of the year, there is enough time," he said.

Acting Head of Sberbank CIB Igor Bulantsev told journalists earlier that Sberbank plans to participate in the placement of OFZ bonds in yuan as an organizer and as a buyer. "Sberbank is going to participate in the OFZ placement in yuan. We will also seek the organizer status," he said.

VTB Head Andrey Kostin said earlier VTB Bank was ready to participate in the planned placement of OFZ in yuan.

Representative of the Russian Finance Ministry Konstantin Vyshkovsky said earlier that yuan-denominated revenues from federal loan (OFZ) bonds offer will be immediately converted into rubles and used to cover the budget deficit.

Vyshkovsky said earlier the Russian Ministry of Finance plans to float yuan-denominated OFZ bonds on the Moscow Exchange in 2016. Potential amount of the offering will be equivalent to at least $1 bln.

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