Russia willing to boost cooperation with China
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Russia is willing to see more cooperation with China in financial market, especially in the inter-bank sector, said Russia's Central Bank deputy chief Victor Melnikov on Tuesday.
Russia and China have enhanced cooperation in many aspects, including the direct currency exchange between the ruble and the Chinese yuan, Melnikov told Xinhua in an interview.
"I would call the agreement (on direct exchange) of our national currencies as the most important and significant," he said.
The joint efforts on this issue is still underway, Melnikov said, adding that the border cities of Russia and China have begun to try direct currency exchange in trade settlement.
The upcoming high-level meeting between Chinese Premier Wen Jiabao and Russian Prime Minister Vladimir Putin in St. Petersburg will also touch upon the issue and a relevant memorandum is expected to be signed at the meeting, he said.
According to Melnikov, six Russian banks have operations in Beijing, while one more office of the large state-owned Sberbank will soon be opened in China in 2011.
At the same time, two Chinese banks have started their businesses in Moscow and two other banks are operating in St. Petersburg, said Melnikov, who is also head of Russia's Interbank Cooperation Commission.
Melnikov said he noticed the positive trend of investment in Russian companies from China, especially from Hong Kong.
"I am very glad that Hong Kong investors pay more and more attention to our companies which earn more and more funding sources," Melnikov said, adding that the investors in return would get opportunities for diversifying their investments into the fast-growing Russian companies.
"The Russian government is improving the conditions for Chinese investors," he stressed.
Finally, the bank expert touched upon the topic of world reserve currency, saying that both the ruble and the yuan have the potential to become international currencies given their regional status and impact.
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