RT — Russia’s biggest bank launches financing in Chinese yuan

Sberbank, Russia’s largest lender, will be the first bank in the country to start issuing credit guarantees denominated in Chinese yuan. The new yuan-based letters of credit ensure payments between buyers and sellers, with the bank acting as a router.

This will make payments for import contracts settled in yuan more seamless, the bank said in a statement Tuesday.

RT

Russia’s biggest bank launches financing in Chinese yuan