The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Cross-border settlement comes to Russia

In global trade, the beginning of the liberalization of China’s currency was one of the most important developments of 2010. In mid-December, its impact reached Russia when HSBC announced its first cross-border renminbi trade settlement transaction there for a subsidiary of sport retail chain Sportmaster. The advent of cross-border renminbi settlement means that Russian companies no longer have to convert Russian roubles to US dollars and then to Chinese renminbi. A process that used to take three days now takes one, substantially reducing traders’ exposure to exchange rate volatility.

“The beginning of cross-border yuan settlement for Russia is an important step for the country given the scale of trade between the two countries,” says Oleg Radichkin, head of payments and cash management, Russia, at HSBC. “There was around $50 billion of trade in 2010 and up to $80 billion is expected in 2011. We expect a third of the total to switch to yuan in coming years.” 

See also:

CEE plays catch-up on cash management

CEE grows as hub for shared service centres 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree