MOSCOW, September 15 – Project “Russia-China: Main“. Alfa-Bank has given individual customers the opportunity to transfer money in yuan to China, the bank’s press service reported.
In early September, Sberbank, VTB, Alfa-Bank, Gazprombank and Sovcombank announced their intention to provide loans to corporate customers in yuan and other currencies of friendly countries. Alexander Vedyakhin, the first deputy chairman of the board of Sberbank, noted that lending to legal entities in Chinese national currency is “very high demand”.
The managing director of the NKR rating agency said that given the refusal of banks to lend in dollars and euros, there is the potential to shift the corporate loan portfolio, mainly in yuan, to the equivalent of US$50-80 billion over the next few years.
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