World Economy

Russian Bank L/Cs in Yuan

Russian Bank  L/Cs in YuanRussian Bank  L/Cs in Yuan

Russia’s biggest lender Sberbank has launched yuan-denominated letters of credit, the bank said in a statement Tuesday. The bank issued a series of letters of credit for a corporate client, Itar Tass quoted Sberbank statement. The deals envisage delayed payment for import contracts denominated in yuans.  Russia and China have chosen a cooperation line despite of the changes on the international arena.