Russia will avoid sanctions of the West

Bank of the Russian Federation and the people's Bank of China discussed the draft agreement on currency swaps ruble-yuan. With all this, it is planned to attract international reserves.

"The content of the draft agreement of the Bank the Russian Federation and the people's Bank of China on swaps in national currency agreed by the sides, the project is located in a high stage of readiness," said ITAR-TASS news Agency in the Department of public relations of the mega-regulator. The CBR said that at the moment the project passes formal approval procedures.

As previously informed the head of the Bank of Russia Elvira Nabiullina, Central Bank discusses with the PRC system of multilateral swaps with the involvement of international reserves. "We have quite a high degree of maturity of the swap, the ruble-yuan to facilitate trade financing", - quotes the head of the Central Bank ITAR-TASS.

Earlier it was reported that in early may, President Vladimir Putin outlined in Shanghai the idea of creating the newest devices for the management of mutual (Russia and China) cash reserves, which will allow to make the ruble and the yuan more sustainable, including to contribute to increasing stability of the world economic architecture. In early June, the Finance Minister Anton Siluanov argued that the Central Bank of the Russian Federation and China can come to an agreement on holding cash swaps for export settlements in national currencies.

Swap - this is a cash transaction, which involves the simultaneous purchase and implementation of a specified number one hard currency in exchange for another with 2 different dates of performance of the terms of the deal. Swap 1 of the best-known instruments of the foreign exchange market. Their proportion is significantly higher than the share as of spot transactions and forward transactions).

sections: Economics, Accidents