VTB has raised yuan deposit rates across all customer segments, the bank’s press service announced. The most notable adjustments apply to time deposits ranging from three months up to one year, with yields adjusted to an average of 0.45% to 0.80%.
As Russia moves away from dependence on the dollar, demand for deposits in Chinese currency has surged. In the first five months of 2023, customers opened more than 11,000 yuan deposits with VTB, totaling 5.2 billion yuan. By the end of May, the yuan deposit portfolio had climbed 41% compared with the start of the year, according to Natalia Tuchkova, head of the savings department. This growth underscores a broader shift toward diversification of currency holdings among savers, underscored by the bank as a strategic response to evolving market conditions. (Source: VTB press service.)
The bank further noted updated rates on yuan instruments, designed to enhance profitability for depositors. (Source: VTB press service.)
Short-term yuan deposits have attracted the strongest interest, prompting significant revisions to maturities from three months to one year. VTB emphasizes that this move positions the bank among the leaders in offering competitive returns in the yuan market. Based on current trends, the bank anticipates that clients’ yuan fund portfolios could double to 15 billion yuan by year-end, with deposits arriving steadily over the coming months. (Source: VTB press service.)
The VTB yuan deposit product is crafted to accommodate individual client needs, allowing customization of terms to fit specific financial goals and risk appetites. This flexibility is highlighted as a key feature, enabling savers to tailor duration, capitalization options, and withdrawal rules to their unique circumstances. (Source: VTB press service.)