09:15 GMT +3 hours26 June 2016
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Chinese paramilitary police march past China's central bank, the People's Bank of China, in Beijing, Saturday, March 12, 2016

Yuan Diplomacy: Chinese Financial Institutions Look to Buy Russian Banks

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Russia's Central Bank Deputy Chairman Mikhail Sukhov said that Chinese banks are interested in purchasing Russian banks.

GENEVA (Sputnik) — A number of Chinese banks are negotiating takeover deals with a number of Russian financial institutions, Russia's Central Bank Deputy Chairman Mikhail Sukhov said.

"It is true that some Chinese banks are examining the situation with a number of Russian banks," Sukhov told reporters on the sidelines of the Russian Economic and Financial Forum in Switzerland, which is currently underway in Geneva.

The forum is due to run until March 18. The fifteenth edition of the forum, which has been convening annually for the past 20 years, will focus on the outlook for Russia in light of the financial slowdown in the global economy following the world financial crisis.

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia in the wake of the Ukrainian crisis.

Last month, Russian Economic Development Minister Alexei Ulyukayev said the country’s economy might see renewed growth in 2016.

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banking, Russian Central Bank, Mikhail Sukhov, China, Russia
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