Chinese yuan to account for 45 percent of Russians' foreign currency savings by 2024

ST. PETERSBURG, June 15 (Xinhua) -- Chinese yuan savings by Russian households in domestic banks will double this year and account for over 45 percent of their foreign currency savings by the end of 2024, said a Russian bank chief on Wednesday.

"The yuan savings by individuals in Russian banks will grow twofold this year and reach 88 billion yuan (12.3 billion U.S. dollars)," said Anatoly Pechatnikov, deputy president-chairman of the management board of VTB Bank, Russia's second-largest bank, at the St. Petersburg International Economic Forum held on June 14-17.

"As a result, the Chinese currency will account for a quarter of the foreign currency savings of clients (this year), and by the end of 2024, its share will exceed 45 percent," said Pechatnikov.

He said the de-dollarization trend of household foreign currency savings would continue in the coming years. Pechatnikov noted that the share of euros and dollars that banks attract from retail customers in 2023 would decrease to 7 percent, according to VTB's forecasts.

"By the end of 2025, the volume of Russians' yuan savings has every chance to double, to 150 billion yuan. Other soft currencies are still looking for consumers in Russia, acting as niche offers," he added.