Kostin Says VTB Is Providing Loans in China in Yuan and Rubles
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Andrey Kostin, chief executive officer of VTB Group, told Russian president Vladimir Putin its Shanghai branch has been providing loans in yuan and rubles since May in a bid to challenge the dollar’s status as the global reserve currency.
“We believe that this problem is very important, at least in the volume of our bilateral trade with China and, of course, the expansion of settlement in rubles and yuan,” according to Kostin comments published today on the Kremlin website.