First Renminbi deposit service launched in Russia

15:23, February 21, 2010      

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Russian-based My Bank Ltd. has recently opened Renminbi deposit service for customers, becoming the first Russian bank that offers Renminbi deposit service.

Deposit rates run from 2 percent to 5 percent, depending on the deposit amount and duration, said a statement on My Bank's website.

Kira Andrianova, vice president of My Bank Ltd., noted that the target group of the service was those who do business with China. Renminbi deposit services would help to minimize forex risks.

My Bank has massive business operations in regions that have close economic and trade ties with China. That was the reason why the bank took the lead in offering a Renminbi deposit service, said analysts.

My Bank was established in 1993. Currently, its total asset is around 15 billion Russian rubles (500.46 million U.S. dollars), ranking the 140th in Russia.

By People's Daily Online

http://paper.people.com.cn/rmrb/html/2010-02/22/nw.D110000renmrb_20100222_4-22.htm?div=-1
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