China-Russia economic ties enhanced by trade and big projects

4. Financial cooperation

Sino-Russian financial cooperation has deepened in areas including financing, insurance, securities and payment. Chinese banks are building closer relationship with Russian counterpart as six China-funded banks opened branches or representative offices in Russia.

The Industrial and Commercial Bank of China officially announces the launch of a renminbi clearing bank in Moscow on March 22, 2017. [Photo/people.com.cn]

The Central Bank of Russia opened a Beijing representative office in March. The Industrial and Commercial Bank of China is now officially acting as a renminbi clearing bank in Russia. The China Development Bank and the Export-Import Bank of China have ensured a new set of major investment cooperation projects with several Russian financial institutions.