Russian personal RMB deposits surge

Russian personal RMB deposits surge

VTB said recently that its personal RMB deposits are expected to grow by 80% to 23 billion yuan by the end of this year. In addition, RMB will account for 50% of the bank’s foreign currency deposits.

VTB is the second largest bank in Russia. Its business scope includes retail, loans, foreign exchange, settlement services, etc. Relevant Russian statistics show that as of the end of 2023, personal RMB deposits in the Russian banking system have increased by nearly 50%.

In this regard, Dmitry Breitenbiher, Senior Vice President of VTB, said: “The vast majority of new foreign currency deposits are opened in RMB. The increasing status of RMB in international settlements also affects There is interest in this currency." Taking into account current demand dynamics, the combined share of the ruble and the yuan in VTB's savings portfolio could double by the end of the year.

Breitenbicher said: "The RMB is becoming the dominant currency in my country's foreign trade activities. According to the latest data from the Russian Central Bank, in January this year, the RMB's share in Russia's export settlement was 40.8%, and in Russia's imports The share in settlement was 38.5%. This trend reflects the stable demand for RMB from financial institutions that guarantee foreign trade activities and credit."