China’s ICBC to open clearing bank in Russia

Move aimed at boosting ruble-yuan trade.

The Industrial and Commercial Bank of China (ICBC) will open a clearing bank in Russia for trade settlements in yuan and rubles, said on Dec. 14.

“ICBC, as the biggest bank dealing with CNY [Chinese Yuan] business in the world, is ready to open a CNY clearing bank in Russia,” ICBC Moscow President Song Yang was cited by the website as saying.

People’s Bank of China and the Central Bank of Russia are planning to talk about creating a yuan clearing bank, Song said, according to the report. Such a bank would allow Russia to tap into an alternative source of liquidity and issue yuan bonds.

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