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Another bank to join the RMB cross-border payment system; The yuan is trading at a new high

April 11, 2023

According to Russian media reports on April 10, NBD Bank of Russia has joined CIPS, a cross-border RMB payment system. After joining the system, the processing time of the bank's cross-border RMB business in China will be shortened, the settlement speed will be accelerated, and the quality of the bank's services for customers engaged in Russia-China trade activities will be improved.

NBD Bank was established in 1992, it mainly caters to small and medium-sized enterprises and has 25 branches in Russia currently.

Local time on April 10, the Central Bank of Russia released March Russian financial market risk summary report. According to the report, the share of RMB in Russian foreign exchange trading hit a new high in March. The share of RMB - rouble trading in Russia's foreign exchange market reached 39 percent, while the dollar's share fell to 34 percent, the lowest in recent years.

In addition, the Moscow Exchange index rose 8.8 percent in March, returning to its level before the market rout last September.