Belarusbank has successfully conducted the first foreign trade transaction in RMB of the receipt by the Belarusian client of the proceeds for the goods supplied by the Chinese partner.
In the last one year and a half, the Bank has been actively developing cooperation with leading Chinese financial institutions. It has resulted in the creation of the most extended infrastructure for RMB payments in the Republic of Belarus, which constitutes to be a significant competitive advantage. Currently, there are opened three correspondent accounts in the currency of the PRC: the Agricultural Bank of China (Shanghai Branch), Shanghai; Bank of China (Shanghai Branch), Shanghai and Bank of China (ELUOSI), Moscow.
Therefore, Belarusbank has become one of the first (and furthermore, one of the few) of the Belarusian banks having the option of effecting international payments in Renminbi and providing such services to our customers with significant sales turnover and foreign trade contracts with counterparties in China . Settlements in RMB would help avoid the risks associated with exchange rate fluctuations, which will contribute to the corporate cooperation and trade communication between the two countries.
This business area of Belarusbank can be regarded as a significant contribution to the strengthening and developing of bilateral economic and trade partnership between People's Republic of China and the Republic of Belarus.
Press-service of Belarusbank