4 27, Bank of China announced today that it has launched the first in China and the ruble exchange rate of RMB direct entrybusiness under the ruble cash.This new business not only helps to avoid exchange rate risk and foreign customers for the bank handling the new profit growth point, while the Sino-Russian trade settlement has been reached in the true sense of local currency settlement era.

According toBank president Yang Hongguang branch in Heilongjiang Province introduced by the Bank of China headquarters authorized branch in Heilongjiang Province and its subsidiaries operate 46 rubles in cash businesses, and the U.S. dollar the past, such as relying on the practice as an intermediary currency, thisruble foreign exchange remittance services offered by real-time, multi-day form of the ruble price of the direct exchange rate against the yuan, and realized the day clearing, same day settlement.It is gratifying that, in the ruble, officially started the same day cash premiums, they handled 1.4 million rubles upfront remittance of foreign exchange business.

Heilongjiang Provinceis open to the Russian border," bridgehead" and" hub" , Bank of China, Heilongjiang Branch of the advantage of geographic location, financial cooperation with Russia has accumulated rich experience.Seven years ago, China and Russia approved as China's first run a pilot of the currency clearing bank, the first to enter the field of local currency cash settlement for the settlement of the Sino-Russian businessman to provide more convenience.From March 2003 to December 2009, the Bank handled a total settlement of the currency equivalent to 1.2 billion U.S. dollars, ranking first in the industry in Heilongjiang Province.

comeState Administration of Foreign Exchange participants Division Director Wen Jiandong balance of payments that the Bank of China launched the ruble exchange rate of the yuan instead of cash rubles under operations is a major historical event, the foreign trade enterprises, individuals and banks handling important: forin terms of foreign trade enterprises and individuals, helps reduce the settlement cost them, to avoid exchange rate risk, while eliminating Le region between, able to meet their diversified financial demands; on handling bank, the benefit Kuo Tai them in internationaland the financial community, to achieve high competitive differentiation pattern of training for the bank's future profit growth.Moreover, from a management point of view, the implementation of this new business is conducive to cross-border trade settlement into the banking channels to enhance bilateral economic and trade exchanges between China and Russia to use and will hold the yuan.

Bank of ChinaHead Corporate Finance Headquarters (BIS) Director Cheng Jun is that from China and Russia's national interests and strategic considerations, the direct introduction of the ruble exchange rate of RMB under the ruble cash business is" to meet diverse customer demand Zhong E,promote the China-Russia trade and investment facilitation, consistent with China and Russia an important measure of national strategies."

he toldreporter, relations between China and Russia bilateral relationship is one of the most influential, deepening and expanding China-Russia economic and trade cooperation between China and Russia conforms to national strategies, in line with the interests of both commercial banks.In recent years, the Bank of China around the Chinese and Russian national strategy dedicated to Russian financial product innovation, following the first trial run, after settlement of the Sino-Russian currency, the ruble has today launched the first cash traded, creating a direct exchange between China and Russia settled in this currencythe new era.As the trade of financial services, Bank of China move into the direct settlement of the Sino-Russian trade in the market exchange rate period, the true meaning of the currency clearing time has come.

reporterunderstand that the Bank of China business mature in cash rubles, rubles will also actively expand business, and gradually developed rubles international settlement, trade financing, forward exchange settlement and other products to further meet the Russian currency cross-border clearing and future needs of RMBto promote the Sino-Russian trade better and faster development.

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