China, Russia sign MOU on yuan clearing in Russia

BEIJING (Reuters) – The central banks of China and Russia on Saturday signed a memorandum of understanding on setting up a yuan clearing mechanism in Russia, the People’s Bank of China said.

The PBOC gave no details in the statement on its website, but said the establishment of such arrangements would be beneficial to cross-border trade and investment.

(Reporting by Kevin Yao and Jason Subler; Editing by Janet Lawrence)



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