ST. PETERSBURG, June 14. /TASS/. Savings of Russian in the Chinese yuan will increase by a factor of two and reach 88 bln yuan ($12.3 bln) in this year, Deputy CEO of VTB Bank Anatoly Pechatnikov told reporters at the St. Petersburg International Economic Forum (SPIEF).

"The portfolio of yuan-denominated retail savings with Russian banks will grow twofold and reach 88 bln [yuan]. As a result, the Chinese currency will take a quarter in currency savings of customers and its share will be above 45% as of 2024 year-end," Pechatnikov said.

The Chinese currency is currently acting as the main alternative to the dollar and the euro and prompts banks to compete for clients more and more actively. "The amount of Russians’ savings in the yuan has all chances to double by the end of 2025 to 150 bln units of the Chinese currency ($21 bln). Other soft currencies are only looking for their consumers in Russia so far, acting as ‘niche’ offers, he added.

SPIEF, the showcase economic forum in Russia, is being held this year from June 14 to 17. TASS is the information partner of the Forum.