Moscow Exchange expands Chinese relations 21 October 2014Moscow Reporter: Stephanie Palmer
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Moscow Exchange has pledged to strengthen its relationships with two of China’s state-owned banks, Bank of China and the Industrial and Commercial Bank of China (ICBC).
Alexander Afanasiev, CEO of Moscow Exchange, met with the president of the Bank of China, Chen Siqing, on 13 October, during an official meeting between the Russian and Chinese prime ministers.
On 15 October, Afanasiev met ICBC chairman Jiang Jianqing to discuss strengthening the relationship between the two markets, with the aim of creating an increase in Russian rubles (RUB) and Chinese yuen (CNY) used in settlements in both countries, and in the global market.
Moscow and China began working together in 2010 when RUB/CNY trading was launched on the Moscow Exchange. A large increase in the first nine months of 2014 led to CNY trading volumes reaching $1.15 billion in September.
Jianqing said: “Our joint goal is the active use of our national currencies for settlement of trade between our countries. We continue to work to expand the line of instruments denominated in these currencies to meet the demands of clients of the bank and the exchange.”
The ICBC also expressed an interest in being a liquidity provider for the upcoming currency pairing between Russian rubles and Hong Kong dollars.
Afanasiev said: “We plan to expand our cooperation going forward, which will benefit both organisations, strengthen Russo-Chinese trade relations and boost development of the financial markets of both countries."
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