“Chinese companies ready for trade in rubles, yuans as cooperation grows” – The Voice Of Russia

Posted on :Jun 04, 2014

The Voice Of Russia

June 3, 2014

Chinese companies are ready for transactions with Russia in rubles and yuans, the Finance Ministry quoted its head Anton Siluanov in its Twitter account, TASS reports.

“The start of transactions in the national currencies must give an impulse to a further development of economic cooperation between Russia and China,” he said.

Siluanov also said that Chinese companies are ready to invest in Russia’s Far East infrastructural projects.

Russia and China will also create a joint rating agency, Anton Siluanov said.

The agency would apply conventional instruments and criteria to the evaluation of national and regional investment projects, he added.

Moscow and Beijing hope the agency will be beyond politics and give “purely economic” estimates, Siluanov said.

“First, it will evaluate projects and investments pursued under the Russian-Chinese cooperation and with participation of some Asian countries,” Siluanov said. As the agency “gains weight and respect”, it will be able to reach the international level.

Siluanov did not specify if the agency would be a new organization or based on the Universal Credit Rating Group. The latter was announced by the Chinese Dadong rating agency as a joint venture with the US Egan-Jones Ratings and the Russian RusRating.

Russian and Chinese state finance officials will partner in developing specialist techniques across a range of common activity, Russia’s Finance Ministry said on Tuesday.

Russia’s Federal Treasury and China’s Finance Ministry Treasury Department will work together under the terms of a newly signed technical co-operation memorandum.

Partnership will cover issues of liquidity management, Treasury Single Accounting, budgeting, public finance management information and human resources, the Russian ministry press service said.

The two nations’ finance authorities would exchange experience during visits, seminars and conferences, share departmental print publications, guidance papers and texts of regulatory acts, the announcement said.

Russia-China gas contract fosters global competition for Russian gas

Russia’s contract on gas supplies to China was a milestone event opening competition of world markets for Russian gas resources, Alexei Miller, the CEO of Russia’s gas giant Gazprom, said on Thursday.

“Last week saw a really historic event: we signed a contract on gas supplies to China,” Miller said at the 17th annual general meeting of the European Business Congress in Athens, as quoted by ITAR-TASS. “This is a long-term contract – it provides for the supply of 38 billion cubic meters of gas for a period of 30 years. Worth $400 billion, it is the biggest contract in the entire history of the gas sector.”

Russian payment system-may be made similar to Japanese and Chinese-Putin

Russia’s President Vladimir Putin says the national payment system may be made similar to those in Japan and China, which have agreements with foreign counterparts. During a meeting on Friday, VTB’s head Andrei Kostin reported progress in organization of a national payment card system.

“In May, we made a first step on the way – VTB Group merged its system with the United Russian System, and thus Russia’s 300 banks – about 30 percent of the banking sector – are united into one system,” he said.

The banks have united their services, ATMs, so that “Russian clients could settle payments so that the system remains within the country.”

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