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    Russian Central Bank Hopes for Offshore Banking Deal With China in June

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    The Bank of Russia could sign a deal with China to set up an offshore banking center in June, the central bank’s first deputy governor said Friday.

    ST. PETERSBURG (Sputnik) — China is expected to pick a clearing bank for all yuan exchange operations in Russia in order to make it easier to place temporarily free yuans.

    "An agreement on an offshore center with China is going through stages of signing. I think it will be over as early as this month," Bank of Russia’s Sergey Shvetsov told reporters in St. Petersburg.

    "Additionally, we want this bank to provide alternative access for Chinese investors to the Russian stock market," Shvetsov said.

    Shvetsov was speaking at an international gathering of senior government officials and economic executives, the St. Petersburg International Economic Forum (SPIEF), which runs from June 16 through June 18.


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