VLADIVOSTOK, September 11. /TASS/. Payments by small and mid-sized businesses in yuan soared six-fold in the first seven months of 2023 year-on-year, Corporate Network Leader, Senior Vice President of VTB Ruslan Yeremenko told reporters on the sidelines of the Eastern Economic Forum (EEF).

"VTB registers an increase in the volume of transactions in all national currencies. Payments in yuan rose six-fold in seven months year-on-year. The bank’s clients also actively use the opportunity of placing funds in the Chinese currency, with the portfolio of deposits up three-fold since the beginning of the year to 1.5 bln yuan," he said.

Meanwhile, the Russian ruble is the leader in the structure of payments of participants of foreign economic activities as it accounts for 80% of total volume of payments in the first seven months of this year, the banker said, adding that the yuan’s share in total cross-border payments has increased to 18% compared with 4% last year, while in currency payments its share is 85%.

Overall, payments in national currencies of foreign countries have climbed seven-fold in 2023, Yeremenko stressed.

The 8th Eastern Economic Forum (EEF) is being held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer. TASS is the EEF’s general information partner.