“Chinese Capital controls were at play in the delay of the renminbi bond issuance, some things had to be done on the Russian side,” said Vladimir Shapovalov, a senior official with the central bank. Russia is opening a renminbi clearing house at the end of March thereby bringing it closer to issuing renminbi-denominated bonds following a series of delays. The move comes as China and Russia, which have been trading yuan for years, are trying to find ways to reduce their trade deficit.
Russia is opening a renminbi clearing house at the end of March thereby bringing it closer to issuing renminbi-denominated bonds following a series of delays. The move comes as China and Russia, which have been trading yuan for years, are trying to find ways to reduce their trade deficit.