Bank of Russia registers rapid growth of corporate lending in yuan

Business & Economy March 07, 2023, 14:31

Meanwhile, the share of the yuan grew steadily in clients’ funds, though it is also insignificant so far, standing at around 2% of Russian banks' client funds

MOSCOW, March 7. /TASS/. Corporate clients’ lending in yuan is growing rapidly, though the share of such loans is still small, about 1%, according to the Russian Central Bank’s analytical review.

"Assets in foreign currency decreased mainly due to the gradual decline in corporate loans in foreign currency (approximately 50% of assets in foreign currency), with their share in the corporate portfolio down to 16% from 23%. Lending in the Chinese currency is growing fast, though the share of such loans is minor so far, equaling around 1% of the portfolio," the regulator said.

Meanwhile, the share of the yuan grew steadily in clients’ funds, though it is also insignificant so far, standing at around 2% of Russian banks' client funds.

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