OREANDA-NEWS. On 18-19 October, Beijing hosted the 17th meeting of the Subcommittee on Cooperation in Financial Issues of the Russian-Chinese Commission for the Preparation of Regular Meetings between the Heads of Government.

The meeting was conducted by Dmitry Skobelkin, Deputy Governor of the Bank of Russia, and Zhang Xiaohui, Assistant Governor of the People’s Bank of China.

Participants in the meeting noted the progress in the development of bilateral relations, including interbank cooperation, joint work in the financial markets, insurance markets and payment systems. The parties welcomed the decision on the authorised clearing bank for yuan settlements in Russia, and the Bank of Russia’s decision to open its representative office in China.

Besides, the representatives of Russian and Chinese financial communities discussed topical issues of further cooperation, including the development of a framework for correspondent relations, extension of trade finance terms, etc. A decision was made to continue the refinement of the regulation of Russian and Chinese bank establishments in these two countries.

The parties also discussed new areas for cooperation in financial markets, specifically, the issue of yuan-denominated bonds in the Russian domestic market, measures to stimulate debt instrument issue and placement on the stock exchanges of the two countries, etc.

The payment system agenda included the following: implementation of arrangements on the issue of co-badged cards Mir-UnionPay, and the operation of China’s Cross-border Interbank Payment System (CIPS).

Much attention was given to granting access for Russian insurance companies to the Chinese reinsurance market and to investment in the Russian financial market by Chinese insurance companies.

The next 18th meeting of the Subcommittee is scheduled for 2017 and it will be held in Russia.