MOSCOW (Sputnik) – The statement also said that opening the foreign mission would boost relations between the PBC and the Bank of Russia as well as help the development of bilateral cooperation in the financial sphere and result in broadening trade and economic ties.
"The Central Bank of Russia and the People's Bank of China (PBC) signed an agreement on creating a foreign mission of the Bank of Russia in Beijing. That is the first foreign mission of the Bank of Russia and the eighth one created by foreign central banks in China," the statement said.
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.
