The Russian contractual agents received the export proceeds in Chinese currency for delivered wood, jewelry, soya and food products, TASS reports, quoting the press-office of the bank on DFO.

In the Far East, VTB increased payments in national currency of China and Russia in foreign trade.

“As per the results of nine months of 2016, the increase of payments in national currencies of VTB clients continued in the Far East Federal District. The amount of payments in yuans for the reporting period made up CNY 320.5 mln yuans (equivalent – 3.035 bln rubles), the increase vs the same period of the previous year – 30.6%. The payments in rubles under foreign trade contracts reached RUB 23.92 bln (increase – 16.5%)”, Press-Office Representative Konstantin Solokhin said.

According to him, the Russian contractual agents received the export proceeds in Chinese currency for delivered wood, jewelry, soya and food products. The import payments in yuans were made under the contracts for delivery of cars and equipment, spare parts, metals, clothes, food products, feed supplements as well as premises lease, design works and tourist services.

The payments in rubles under foreign trade contracts are made for building materials, fuel, oil and lubricants, equipment, goods deliveries, provision of different services, rental fees, and the export proceeds in Russian currency were obtained for delivery of wood, confectionery, building services, cargo shipment and ship chandling.

“The use of national currencies decreases risks of dollar volatility for contractual agents and excludes expenses for conversion”, Solokhin said.

VTB Group is the second largest financial group in Russian in terms of assets (RUB 12333.5 bln) and clients’ funds (RUB 7859.1 bln). The major shareholder of VTB Group is the Russian government, represented by the Federal Agency for State Property Management, which owns 60.9% of voting shares.