OREANDA-NEWS. December 15, 2010. The Bank of Moscow is considering the possibility of taking part in MICEX Yuan-Ruble pair trades.

In July 2010, the Bank of Moscow became a partner of KuibyshevAzot Company in implementing a new scheme for making settlement in Chinese Yuan. The Bank opened correspondent account in this currency with the Bank of China (Moscow) and settlements for exports are not regularly made in Yuan between KuibyshevAzot Company and Chinese buyers.

In 2010, the volume of operations by the enterprise in Yuan amounted to over 10 million Yuan. Transfer to the Chinese currency allowed the enterprise to minimise its costs associated with currency conversion and fluctuations in the dollar exchange rate. KuibyshevAzot Company is one of the first Russian enterprises to make regular settlements with Chinese trading partners in the national currency of the People’s Republic of China.