The largest Russian banks are increasing the yield on deposits in Chinese currency. The maximum rate in yuan for deposits from individuals in the mass segment has already reached 5%, writes Kommersant citing data from credit institutions.
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The highest rates are for VIP clients. Almost 99% of Chinese currency deposits come from premium clients. Now the highest rates for this type of deposits are in Alfa Bank (5.1%) and in VTB (5.05%).
The increase in yuan rates occurs in rounds: in February, VTB, RSHB raised yuan rates, in March Tinkoff Bank (up to 3.5%) and Sberbank (up to 4.07%). However, against the background that the Central Bank’s key interest rate remains high (16%), banks have recently focused on ruble liabilities.
Experts have warned that further increases in yields on Chinese currency deposits will be limited.
- At the beginning of 2023, the most popular currency among Russian businessmen was the Chinese yuan: about 70% of transfers of the total number of payments are sent to them.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
