The Chinese currency has firmly established itself in the Russian financial market. Competition between banks to attract yuan deposits is increasing; rates reach 5% annually. This was reported by “Kommersant”.
The publication writes that high demand is expected after the possible issuance of OFZ by the Ministry of Finance of the Russian Federation.
According to Finam Financial Group analyst Nikita Borodanov, “the growth in the popularity of plastic yuan bonds is stagnating, as the initiative to issue such instruments comes only from a small number of companies.”
However, the expert believes that “with an increase in the volume of trade between Russia and China, a further increase in the volume of such borrowings should be expected.”
Recently, Russian banks have been actively increasing rates on yuan deposits; In Novikombank, the maximum rate reaches 5%.
As the head of department of the Ministry of Finance Denis Mamonov said in January, the ministry “continues to work on the placement of OFZ in yuan.” According to experts, this will be a strong incentive for the entire yuan instruments market.
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