M. V. ALEXANDROVA

Candidate of Economic Sciences

Far East Institute of the Russian Academy of Sciences

Keywords: Russia, China, legislation, Moscow Exchange, direct investment, China UnionPay, Far East, Heilongjiang, sanctions

For a long time, Russian-Chinese financial cooperation remained the "weak link" of bilateral relations. The use of the national currencies of the Russian Federation and the People's Republic of China at the level of bilateral trade and investment cooperation is one of the key factors that largely determine the development of bilateral economic relations.

It should be noted that all issues of bilateral financial and banking cooperation are so important that, as a rule, they are resolved at the highest level. This article examines the history of the issue, existing problems and current trends.

FROM THE ISSUE HISTORY

Despite the fact that Russia was one of the first countries with which Chinese banks began to develop international financial cooperation, banking and credit support either did not function or did not correspond to the level of rapidly developing trade and economic relations. Clearing ¹ has been present in the settlement system for a long time.

Among the main forms of international settlements used by credit institutions in Russia and China in the 1990s, currency transfers and letters of credit were the most popular. The main flow of payments for interstate trade projects occurred through the accounts of Russian Incombank, Oneximbank and Chinese Eximbank. The latter financed the supply of equipment to the fuel and energy sector and metallurgy. At the same time, the establishment of stable correspondent relations between the credit and financial institutions of the two countries was postponed and began to be implemented only in the late 1990s and early 2000s. ²

It should be noted that many initiatives of the Russian side in the settlement of bilateral financial relations were not supported by Chinese partners. Quite often, the Chinese only expressed their intentions to develop and expand cooperation. The reasons for this situation are the PRC's distrust of the Russian banking system; the contradictory nature of payment and settlement relations between the PRC and ^Russia3; and the lack of awareness of the Russian public about the nature of interbank relations with China. It is important to note that the imperfection of interbank cooperation has become a stumbling block in the development of not only trade relations, but also in the further expansion of all types of economic cooperation between our countries.

A comparative analysis of the main provisions of the legislation on foreign exchange regulation and control in Russia and China shows that the Russian legislation has a more liberal approach to the issue of foreign exchange transactions. However, the Chinese legal system, as a whole, has a special specificity that differs significantly from the Russian ⁴. Also, the topic of legal regulation of combating corruption, legalization (laundering) of proceeds from crime, and terrorist financing, including in the banking sector, deserves a separate discussion.⁵

It should be noted that China's current currency restrictions on current operations, on the one hand, hinder the transition to full convertibility of the yuan, and on the other hand, remove the problem of capital outflow associated with the use of freely convertible currency as a means of saving. Thus, it can be concluded that the system of managing foreign economic relations in China is characterized by a higher level of centralization than in Russia. It is more profitable for Chinese entrepreneurs to carry out foreign economic activity through shadow investment of Russian residents (legal entities and entrepreneurs without forming a legal entity), as well as through the creation of enterprises on the territory of Russia6.

Despite all the above-mentioned problems, although in small steps, but the issue of rapprochement of mutual interests is still being discussed.-

both sides were obvious. The creation of favorable legal conditions contributed to the expansion of banking cooperation.

The Agreement between the Central Bank of Russia and the People's Bank of China on interbank settlements in cross-border trade, dated August 22, 2002, became a platform for developing mechanisms for conducting settlements in national currencies, according to which banks located on the border territories of Russia and China were given the opportunity to conduct such settlements.⁷

PROTOCOL ON THE USE OF NATIONAL CURRENCIES OF THE TWO COUNTRIES

An important prerequisite for expanding the use of rubles and yuan in bilateral settlements was the signing in November 2010 of the Protocol on Amendments to the Agreement between the Government of the Russian Federation and the Government of the People's Republic of China on Trade and Economic Relations of March 5, 1992. The protocol provides for the possibility of using the national currencies of the two countries in settlements and payments under Russian-Chinese contracts along with the freely convertible currency (SCR)⁸.

In June 2011, an Agreement was signed between the Central Bank of the Russian Federation and the People's Bank of China on settlements and payments, according to which payments for goods and services between subjects of civil legal relations between Russia and China can be made both in freely convertible and in national currencies of the two countries in accordance with international practice and legislation on the territory of each state. The choice of payment currency and settlement form is made by agreement between the settlement participants themselves.

At the same time, at the level of Russian national legislation, there are no restrictions on the use of rubles and yuan in settlements. The expansion of the use of the yuan in international payments was facilitated by the measures taken by the leadership of the People's Republic of China to gradually liberalize foreign exchange operations since 2009.

In order for the above-mentioned agreements to work, it was necessary to create a banking infrastructure. Since 2006, trading in the yuan / ruble currency pair has been conducted in Shanghai on the platform of the China Foreign Exchange Trade System. The yuan-ruble exchange trading mechanism allows you to conduct conversion operations with the national currencies of Russia and China, determine the direct market exchange rate of the yuan to the ruble without using the cross-currency exchange rate to the US dollar, and also provide yuan and ruble liquidity to the foreign exchange markets of Russia and China.

Since December 2010, the Moscow Exchange has launched trading in the yuan/ruble currency pair on a daily basis, allowing a wide range of participants in the Russian financial market to have access to such operations. This event was of great importance not only for the development of bilateral trade and economic relations, but also from a political point of view, as Russia became the first foreign country in which Chinese yuan is traded on the currency exchange.⁹

In 2014, the volume of transactions with the Chinese yuan on the foreign exchange market of the Moscow Exchange increased 8 - fold to 48 billion yuan. RMB395 billion rub.)¹⁰. In March 2015, the Moscow Exchange launched a new instrument - trading in CNY/RUB futures, which, according to experts, "should contribute to a further increase in the volume of transactions with the yuan in the Russian foreign exchange market" ¹¹. The volume of transactions on the purchase of yuan for rubles on the Exchange in January-November 2015 amounted to $4.92 billion, on the sale of yuan - $4.93 billion ¹². Despite the increase in the volume of transactions on the yuan-ruble pair, it does not play a special economic role in the life of Russia. According to experts, " with the help of the Chinese national currency, rather, political points are earned. The time has not yet come to take the yuan seriously as an aid to the development of the Russian economy. " ¹³

Currently, the Russian foreign exchange market is provided with yuan liquidity. Conversion operations on the yuan / ruble currency pair are performed on both the OTC and exchange segments of the foreign exchange market.

In October 2014, the Central Bank of Russia and the People's Bank of China (PBOC) signed a swap agreement* in national currencies to ensure guaranteed access to liquidity in national currencies for interested participants in foreign economic activity (FEA), boost direct investment, and stimulate the use of rubles and yuan in settlements. This agreement created more favorable conditions for further development of bilateral trade and mutual investments between the two countries.

The volume of operations under the swap system is 150 billion rubles. RMB ¹⁴. The agreement stipulates the maximum amount of funds that can be provided to each party.

* Swap - an operation to exchange a national currency for a foreign currency with the obligation to exchange it back after a certain period of time. It is carried out between central banks (editor's note).

of the parties to the currency swap, to date, this mechanism has not yet worked. As noted by the First Deputy President - Chairman of the VTB Management Board. Titov, "the use of the mechanism is complicated by the fact that fundamental technological things are not established, not discussed, and in this regard, it is not possible to use (it) fully" ¹⁵.

UNRESOLVED ISSUES

Despite the measures implemented in recent years and the significant interest of Russian banks and enterprises in using national currencies in mutual settlements with the PRC, there are still problems that prevent this on a broader scale. They are related to both the policy of Chinese banks and the specifics of Chinese regulation. In particular, there is insufficient activity of Chinese exporters to switch to payments in yuan due to technical and bureaucratic difficulties. These include both the high cost of trade finance in RMB provided by Chinese banks to Russian banks and companies, and the reluctance of Chinese banks to use the remaining funds held in rouble correspondent accounts with Russian banks for investment purposes and conducting operations on the interbank market16.

The discussion about the infrastructure of financial and banking cooperation will be incomplete if you do not consider the issue of opening branches of banks or subsidiaries in the partner country.

Chinese bankers have been eyeing the Russian market for a long time. Although already in the early 1990s. Bank of China (Bank of China) He opened his own subsidiary company "Elos"in Russia. The main beneficial owner of the Chinese parent bank is the Chinese government (67.77%), the remaining shares are in free circulation and held by minority shareholders. In addition to its head office in Moscow, the bank has two branches in Khabarovsk and Vladivostok.

The Industrial and Commercial Bank of China was the next to "open the door" to Russia, creating Joint-Stock Commercial Bank " Commercial and Industrial Bank of China. Moscow " - "daughter" with 100% foreign capital (see Table).

In 2013, a subsidiary group of China Construction Bank, China Construction Bank LLC, started operating in Russia. The bank's ultimate beneficiaries are the Ministry of Finance of the People's Republic of China (57.14%), the Ministry of Finance of Singapore (7.44%), the Government of the People's Republic of China (4%), and private investors (31.4%). According to the bank, the main activity of the organization is to support Chinese business in Russia17.

Finally, the last one registered by the Central Bank of Russia in 2014 was China Agricultural Bank LLC, a subsidiary of Agricultural Bank of China (ABC). The main beneficial owner of the Chinese parent bank is: 40.28% of its shares belong to the state investment company Central Huijin Investment, 39.21% - to the Ministry of Finance of the People's Republic of China, about 17% are listed on the stock exchanges in Shanghai and Hong Kong ¹⁸.

A NEW STAGE IN THE DEVELOPMENT OF FINANCIAL COOPERATION

It should be noted that until recently, Chinese banks only supported the business of their compatriots in our country. However, after the introduction of the first Western sanctions and the turn of the Russian economy towards Asia, banks with Chinese capital have noticeably revived.

"Now Russian companies that cooperate, for example, with the PRC, have a need not so much for Chinese banks themselves, but for their credit resources, and if they are ready to provide them, then the space for them to work is simply enormous, "says E. Nadorshin, chief economist of Sistema AFK.¹⁹

Russian banks are also seeking to enter the Chinese market. There are representative offices of 7 Russian banks and a branch of VTB Bank (Shanghai) in Beijing. Currently, he is the only one who has a financial license in China. As of August 1, 2013, its assets totaled $96 million. In 2015, the VTB Shanghai branch significantly increased the volume of payments in RMB. At the end of 2015, it grew by more than 250% and exceeded 120 billion rubles. RMB. At the end of 2015, VTB's market share in China for FOREX* operations on the ruble-yuan pair is about 89%. In 2015, the branch's operations on this currency pair exceeded 20 billion rubles. In 2012, it was only 3.88 billion yuan.²⁰

On May 21, 2015, a branch of VTB Bank in Shanghai conducted the first cross-border transaction** in RMB in the amount of 20 million (more than $ 1 million). rubles). Prior to that, VTB's Shanghai branch was able to make international payments in foreign currency and rubles. Conducting cross-border operations in RMB will allow VTB to expand

* FOREX (English Foreign Exchange Operations) - currency conversion operations. Such operations account for a large share of the entire global financial market .

* * A money transfer in which the payer or recipient of funds is located outside the Russian Federation and /or in which the payer or recipient of funds serves a foreign bank (editor's note).

Table

Scope of activity of Chinese banks in Russia

Compiled by the author on the basis of data provided on the following sites: http://www.bankofchina.com; http://www.icbc.com.cn; http://ru.ccb.com/russia/cn/index.html; http://www.abchina.com/cn/

list of services provided for companies involved in Russian-Chinese trade.

CHINESE PAYMENT SYSTEM ON THE RUSSIAN MARKET

If the opening of branches of Chinese banks in Russia was a long process, the introduction of the Chinese payment system was rapid and even aggressive. China UnionPay (CUP) bank cards were introduced to the Russian market in 2007. In 2008, the first UnionPay plastic cards were issued in Russia.

In September 2013, the Central Bank of Russia registered the operator of the Chinese payment system UnionPay in Russia (UnionPay LLC). The settlement center of this system in our country is JSCB Bank of China (Elos). On the territory of Russia, UnionPay implements joint projects involving the issuance and maintenance of payment cards of this system by Russian banks: 7 credit organizations issue UnionPay cards, 47 Russian credit organizations accept it for servicing.

Several tens of thousands of Chinese payment system cards have been issued in Russia, and they are served by Gazprombank, VTB, Bank of Moscow, Uniastrum Bank, Vostochny Express Bank, Interprogressbank and a number of others. Compared to Visa and MasterCard, these figures are small, but CUP believes that this is "a good start for the next mass issue." China UnionPay has a good chance of large-scale issuance of its cards in the Far Eastern regions of Russia ²¹.

UnionPay's potential is really powerful. First, the technological base of the Chinese payment system is not inferior to the American ones. Secondly, the quality of service provision and maintenance of these plastic cards has reached a very high level. Third, close and multilateral business cooperation between China and Russia makes it possible to talk about a long-term development perspective. Fourth, a significant advantage of plastic CUP cards is the low commission rate, which is associated with a large number of issues in various countries of ^the world22.

REGIONAL FINANCIAL COOPERATION

As for the regional aspect of cooperation, it should be noted that in the Far East, the yuan is traded as actively as the dollar and euro, which are familiar in other regions of Russia. The role of the Chinese yuan in the economy of both the Far East and Russia as a whole is expanding. This process would have continued in any case, but in the current political environment, it is being spurred on from above. In the territories of Russia bordering China, the share of national currencies in settlements under export-import Russian-Chinese contracts is significantly higher and amounted to about 20% in 2015.

Since the second half of 2014, due to the instability of the ruble exchange rate, more and more Far Eastern entrepreneurs began to pay in yuan when carrying out foreign economic operations. Thus, the volume of settlements in RMB of VTB Bank in the Far East in the first half of 2015 almost doubled the same period in 2014 and reached 150.38 million yuan ($23 million).

In the first three months of 2016, there was a significant increase in the volume of trade operations in yuan in cross-border Russian regions. According to Sberbank of Russia, the volume of foreign trade transactions in Chinese yuan of Sberbank's Far Eastern clients increased by 30% compared to the fourth quarter of 2015 and amounted to 100.3 million yuan. 78% of these operations were performed by clients of ^the Amur Region23.

Primorye is also switching to RMB in settlements, but the volume of transactions is still small: in the first quarter of 2016, transactions in RMB increased 3.7 times, amounting to 15.8 million RMB24.

Based on the above data, it can be noted that the greater the share of the PRC in foreign trade turnover, the more transactions are made in the currency of the PRC. In 2015, more than 90% of the Amur Region's foreign trade turnover was accounted for by its southern neighbor.

Special attention should be paid to the joint project of the Zolotaya Korona card system issued by Dalcombank and UnionPay, in which UnionPay cards are serviced by member banks of the Zolotaya Korona payment system, including the entire network of Dalcombank branches. The implementation of this project began in April 2011. Dalcombank became the first bank in the Far East and the second in Russia to issue UnionPay cards. The project is aimed at solving the task that each bank faces - obtaining additional commission income by increasing turnover without additional capital investment.

AND HERE ARE THE SANCTIONS...

Despite certain achievements in the sphere of financial and monetary cooperation between Russia and China, it should be noted that in 2015 a large number of new inconsistencies and problems appeared, which are very little written about in scientific publications.

It should be noted that the decline in turnover on correspondent accounts of Russian and Chinese banks, in general, corresponds to the trend of reducing trade turnover between Russia and China. The banks of the two countries continue to conclude agreements providing for cooperation in various areas, including the opening of credit lines from Chinese banks to Russian banks in order to finance projects and trade contracts. To date, the total volume of credit lines established by Chinese banks is about $20 billion.²⁵

However, in 2015, cooperation between Chinese banks and Russian ones became significantly more complicated due to the introduction of sectoral sanctions by Western countries against Russia. Despite the fact that the Chinese government does not officially support these measures, Chinese banks, fearing the application of sanctions by Western, or rather, American regulators to Chinese banks with branches and subsidiaries in the United States and EU countries, do not want to understand the details of sanctions restrictions.

The PRC values the presence of these structures, because "four of the largest state-owned banks in the PRC," noted A. Gabuev, an expert at the Carnegie Moscow Center, in 2015, " have operations in the United States, and two have fairly large retail branches. They have long struggled to get into the American retail market, and four years ago they got there. These banks work through the global financial system, through dollar assets, and for them, of course, to spoil relations with American regulators is completely out of hand. Moreover, business in Russia is not such a tempting prize to quarrel with the financial authorities of the United States and the European Union for the sake of it. " ²⁶

As a result, Chinese banks restrict cooperation with Russian banks and companies, including when making settlements and financing projects and trade contracts.

In this regard, the following are noted:

- Chinese banks refuse to open new correspondent accounts or deliberately delay the process of opening correspondent accounts (including RMB and Hong Kong dollar-denominated accounts with subsidiaries in Hong Kong);

- compliance with the existing US and EU sanctions regime regarding loan terms (only for up to 30 days);

- constant delays or refusals to make client and treasury payments.

After the introduction of restrictions on attracting foreign investment by the United States and the EU against the largest Russian banks and corporations-

Problems related to the insufficient capacity of the Russian domestic debt capital market have significantly worsened. As a result, there were problems with meeting the needs of the largest players and expanding the market capacity by attracting additional liquidity to Asian (primarily Chinese markets, in a broad sense) capital markets.

To solve problems related to the limited opportunities for interaction between large Chinese banks and Russian banks included in the sanctions lists of the European Union and the United States, the People's Bank of China proposed to involve 13 "second-tier"Chinese banks in cooperation. However, practically this issue was not resolved, and the expected result was not achieved.

Many of the proposed Chinese banks either do not respond to requests or refuse to work with the Russian side. At best, as V. Titov noted at the Eastern Economic Forum in Vladivostok in September 2015, " sometimes our Chinese partners are overly careful in their compliance with sanctions. We are experiencing serious problems with making payments and settlements through Chinese banks. What used to happen in half a day can now take up to two weeks."²⁷.

The capabilities of those banks that agree to cooperate with Russian partners do not meet their needs, and they are not able to completely replace large Chinese banks. All ready - to-work banks are urban or at most provincial, which do not have an extensive network of branches in the territory of the People's Republic of China and therefore are not able to serve the settlements of Chinese companies that are partners of clients of Russian banks located in other cities and provinces of the country. In addition, many of these banks have never done business outside the borders of the PRC, which also complicates the working conditions. The only example of a provincial bank that can cooperate with Russian partners is Harbin Bank28.

Currently, the financial sector in Heilongjiang Province, where the Harbin Bank is located, is being reorganized, which includes improving the regulatory framework to significantly simplify the" rules of the game " for commercial enterprises and further steps to expand the use of the yuan as an international currency.²⁹

A separate direction in the work of the Heilongjiang authorities on the development of the financial system will be the implementation of a number of measures to internationalize the yuan. Cross-border use of the yuan is considered, such as investing in the Russian economy in Chinese currency, making settlements in rubles and yuan for bilateral transactions, and creating free conversion zones for Russian and Chinese funds based on the Suifenhe experience* ^.30 The Russian side will also be invited to explore the possibility of forming its own gold and foreign exchange reserves from YUAN savings**.

Speaking about financial difficulties that hinder the harmonious development of bilateral economic relations, Heilongjiang experts identify a whole block of problems that the Chinese side is objectively unable to influence. We are talking about negative factors caused by the realities of the Russian banking system: low rating of Russian banks according to international criteria for assessing the degree of trust; high bank rates; underdeveloped agency network of Russian banks in the Asia-Pacific region; limited product range offered by Russian banks.

* * *

In conclusion, we note. Solving the issues of interbank cooperation that hinder the more active economic development of cooperation between the two countries requires, first of all, the time and efforts of the participants. The main growth points in banking cooperation can be the following::

- search and selection of a bank on each side responsible for conducting cross-border settlements. The procedure that has been in effect in contacts between China and Hong Kong since 2003 could be taken as a model.;

- more active involvement of small businesses and the population in the bank payment turnover in the border areas by intensifying the distribution of UnionPay payment system cards, increasing the number of self-service tools and card terminals in commercial border areas;

- expansion of the range of services in Chinese yuan by Russian banks. This is especially true in the border area, which, as the Chinese emphasize, hinders the investment plans of companies from China. This also includes the task of conducting more active explanatory work by the banks of both countries on the use of yuan, and not other foreign currencies in mutual settlements.;

- continuation and deepening

* In 2013, there were 16 banks operating in Suifenhe that carried out operations for free conversion of rubles. In total, 7.98 billion rubles were converted, and about 1 billion rubles were returned to Russia as payment for the supply of goods. author's note).

** In explaining its position, the Chinese side will most likely refer to the decision of the Central Bank of Belarus in 2013 to use long-term yuan government loan bonds as a foreign exchange reserve (author's note).

content of information cooperation, for example, regular meetings of bankers of the two countries at conferences, master classes on the legislation of Russia and China, training of bank representatives in training banking centers, exchange of regulatory and reference documentation, organization of mutual internships, especially in border areas.

^{Skripchenkova V. V.} 1 Features of Russian-Chinese banking cooperation: the first results of the introduction of ruble-yuan settlements - http://www.mirec.ru/2007 - 02 / osobennosti-rossijsko-kitajskogo-bankovo-sotrudnichestva-pervye-rezultaty-vvedeniy a-rublevo-yuanevyh-raschetov

^{Avdokushin E. F.} 2 Bankovo-finansovaya sistema [Banking and financial system] / / Kitay na puti modernizatsii i reformov: 1949-1999. 1999. p. 265. (Avdokushin E.F. 1999. Bankovsko-finansovaya sistema // Kitay na puti modernizatsii i reform: 1949 - 1999. M.) (in Russian)

³ There is a network of clandestine Chinese banks operating in Russia, as well as a number of specialized firms that launder money earned at Cherkizon and similar wholesale clothing markets in Russia. Receiving money from Russian merchants, they buy and ship scarce goods (wood, non-ferrous metals, pine nuts, etc.) to China through intermediary firms.There, the goods are sold, and the proceeds are divided between the participants in the transaction. Thus, there are foreign banks not controlled by the Central Bank. Moreover, they are not controlled not only by the Russian Central Bank, but also by the People's Bank of China.

^{Troshchinsky P. V.} 4 Osobennosti sotsialisticheskoi pravovoi sistemy s kitayskoi spetsifikoy [4 Features of the socialist legal system with Chinese specifics]. 2012. N 6. pp. 125-135. (Troshchinsky P. V. 2012. Osobennosti sotsialisticheskoi pravovoi sistemy s kitaiskoi spetsifikoi // Zhurnal zarubezhnogo zakonodatelstva i sravnitelnogo pravovedeniya. N 6) (in Russian)

⁵ Ibid.

^{Khamaganova L. D.} 6 Interbank cooperation between Russia and China in export-import operations // Izvestiya Irkutskoi gosudarstvennoi ekonomicheskoi akademii (Baikal State University of Economics and Law). 2008. N 1 (57). pp. 73-76.

⁷ Since January 1, 2005, payments in rubles and yuan have been made in the border regions of Russia (the Altai Republic, Primorsky and Khabarovsk Territories, Amur Region, Zabaikalsky Territory (formerly Chita Region), Jewish Autonomous Region) and the regions bordering them in China (Heilongjiang and Jilin Provinces, Inner Mongolia Autonomous Region, Xinjiang-Uyghur Autonomous Region). Previously, as an experiment, settlements and payments in rubles and yuan for trade in border areas were carried out by Russian banks registered in Blagoveshchensk and Chinese banks located in Heihe. Since the beginning of this Agreement, the number of accounts in national currencies opened by Russian and Chinese banks in the border areas and the turnover on them has steadily increased.

⁸ Development of bilateral trade and economic relations between Russia and China - http://diplomba.ru/work/37062

^{Marin I. L.} 9 Development of yuan / ruble trading on the exchange market - http://sino-rus.org/razvitie-torgov-yuan-rubl-na-birzhe

¹⁰ Yuan/Ruble Exchange Market: Present and future - http://st.moex-nw.com/materialy/item/download/13_58fa4e6dac3a9cef495ba0d7f50a8bbd

¹¹ Moscow Exchange starts trading in Chinese yuan futures - http://webcache.googleusercontent.com/search?q=cache:ypvqxKFiaC0J:moex.com/n8970/%3 Fnt%3D106+&cd=2&hl=ru&ct=clnk&gl=ru

¹² fs.moex.com/files/10639

^{Zyabreva Polina.} 13 Russia is "rooting" for the yuan -http://www.gazeta.ru/business/2015/09/04/7740107.shtml

¹⁴ The Bank of Russia entered into a currency swap agreement with the People's Bank of China. Information from the Press service of the Bank of Russia - http://cbr.ru/press/pr.aspx?file=13102014154408if2014 - 10 - 13T15_39_28.htm

¹⁵ VTB: cooperation between Russian and Chinese banks is complicated by Western sanctions - http://ria.ru/economy/20150905/1230524799.html

^{Nesterova Anna.} 16 The future of swaps http://www.rg.ru/2015/09/15/rezervi.html

¹⁷ http://agro-portal.su/banki/rossiya/centr/moskva-i-obl/6918-chayna-konstrakshn.html

^{Borisyak Darya, Petrova Olga, Zhelobanov Daniil.} 18 A fourth Chinese bank appears in Russia http://www.vedomosti.ru/finance/articles/2014/10/08/kitajskie-banki-propisyvayutsya-v-rossii

¹⁹ Bank to help - http://wek.ru/bank-v-pomoshh

²⁰ The volume of VTB's RMB transactions in 2015 exceeded 120 billion yuan юаней - http://www.finanz.ru/novosti/aktsii/obem-operaciy-vtb-v-yuanyakh-v-2015-godu-prevysil-12 0-mlrd-yuaney-1000963509

^{Kalinovsky Igor.} 21 Carte blanche for Chinese plastic - http://expert.ru/2014/07/18/kart-blansh-dlya-kitaiskogo-plastika

²² Can UnionPay become a full fledged alternative to Visa and MasterCard payment systems in Russia -http://unionpay.pro/topic/185-smozhet-li-unionpay-stat-v-rossii-polnotcennoi-alterna

²³ http://amurmedia.ru/news/economics/20.04.2016/501628/ob-em-raschetov-v-yuanyah-kliento v-sberbanka-na-dalnem-vostoke-viros-na-30.html

²⁴ http://dvkapital.ru/regionnow/primorskij-kraj_19.05.2016_8232_v-primorje-vtb-narastil-vnes hnetorgovye-raschety-v-rubljakh-ienakh-i-juanjakh.html

²⁵ Data from the Ministry of Economic Development of the Russian Federation.

²⁶ " They will run away from Russia like the plague." Why and for how long did China secretly join the part of Western sanctions against Russia? - http://www.svoboda.org/content/article/27231337.html

^{Vladislav Gordeev.} 27 VTB complained about China's banks '"thorough" compliance with Western sanctions -http://www.rbc.ru/politics/05/09/2015/55ea54fd9a7947a96119cl2d

²⁸ Haerbin yinhang quanmian dazao dui e jinrong fuwu pingtai (Harbin Bank creates a comprehensive financial services platform for Russia) - http://www.qh.xinhuanet.com/2015 - 09/11/с_1116527752.htm

²⁹ Zhuoli zengqiang yanbian kaifa de jinrong fuwu nengli (Strengthen financial services capabilities in developing cross-border openness in Heilongjiang)- http://www.financialnews.com.cn/llqy/201404Д20140421_54091.html

³⁰ Woguo shou xian waibi shiyong tequ. Zhu renminbi guoji hua (For the first time, a foreign currency in China is used in a special zone. RMB Internationalization Assistance) - http://www.nbd.com.cn/articles/2013 - 12 - 09/793288.html

Permanent link to this publication: