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Priorbank to open RMB correspondent account

11 January 2011

MINSK (BelTA) – Priorbank has signed an agreement with one of the Chinese largest financial establishments, the Industrial and Commercial Bank of China, on opening a correspondent account in renminbi (RMB), BelTA learnt from the Belarusian bank.

The agreement will help foreign economic agents of the two countries to settle payments in the national currencies.

The trade and economic cooperation between China and Belarus has been vibrant over the recent years. In this respect the correspondent account in yuans will boost relations between Belarusian and Chinese companies, reduce the number of procedures in mutual payments.

The Industrial and Commercial Bank of China is among the leaders on the Chinese banking market in terms of international payment transactions. China is one of the most important foreign trading partners of Belarus. According to the National Statistics Committee, in January-October 2010 Belarus increased export of goods to China 2.6 times as against the same months last year to reach $381.7 million.