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China’s Harbin Bank concludes agreements with Russian banks for $2 bln

Chinese Harbin Bank has signed agreements worth $2 bln with over twenty Russian banks

VLADIVOSTOK, September 1. /TASS/. Harbin Bank concluded agreements with 21 Russian banks for 13 bln yuan ($1.95 bln), Chief Executive Officer of the Chinese bank Zhang Qiguang told TASS on Thursday.

"The Russian-Chinese Financial Council exists a little less than a year. During this time, financial structures of our countries have achieved significant results in many areas, including settlements in national currencies in cross-border transactions, trading derivatives and lending to banks. Currently, 21 agreements are signed for 13 bln yuan ($1.95 bln)," he said.

According to Zhang Qiguang, the Chinese bank plans to develop cooperation in the framework of the Council.

"Now together with Sberbank we are planning to establish a joint high-tech fund, and we are working on creating innovative financial products in order to provide a wider range of services to our clients," he said. "We hope that our bank together with other financial institutions will develop the Russian Far East. That is why we came to the Eastern Economic Forum," he added.

The II Eastern Economic Forum will be held on September 2-3 on the campus of Russia’s Federal Far-Eastern University on the Isle of Russky off the coast of Vladivostok. Its organizers expect the arrival of no less than 2,400 participants, in particular delegations from China, Japan, South Korea, India, Vientnam, Australia, the US, Singapore and other countries.