Sberbank agreed with Brazilian credit institutions to open correspondent accounts in Chinese yuan. Direct correspondent relations will allow optimizing the cost of payments in the context of growing foreign trade transactions between countries, Kommersant writes.
It is not only the largest state bank that has these types of relationships with Brazilian banks. The publication’s interlocutor believes that Sber’s example can be considered a successful precedent. In addition, not all banks in third countries are willing to open correspondent accounts in Chinese currency and prefer dollars and euros.
Now the yuan often acts as a substitute for the dollar, but not everyone has the trading turnover with Chinese companies to use the yuan. Sources from the banking sector do not rule out that a special political decision has been made in the case of Sberbank.
- In the first five months of 2023, the most popular currency among Russian businessmen was the Chinese yuan: about 70% of transfers of the total number of payments were sent to them. This currency is in demand among legal entities not only to work with China and Hong Kong, but also with Singapore. Over the course of the year, the number of yuan payments per month has increased more than fivefold.
Author:
Karina Pardaeva
Source: RB
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