Source Pravda.Ru

Russia and China sign two agreements in banking sector

Two agreements concerning the banking sector have been signed today duringtoday's visit of Russian Prime Minister Mikhail Kasyanov to China. Thefirst document was signed between the Russian Central Bank and the People'sBank of China on interbank payments in border districts. The agreementenvisages the possibility of making payments in national currencies of thetwo countries effective the first quarter of 2003, Viktor Melnikov, deputychairman of the Central Bank told journalists. However, these payments willbe made after the Central Bank and People's Bank of China elaborate oncorresponding mechanisms, he specified.The second agreement concerns an export credit of the Chinese Industrialand Trade bank to Vneshtorgbank. Andrey Kostin, president of Vneshtorgbank,was quoted as saying to journalists that this agreement envisaged theopening of a $200m credit line to finance Chinese high technologicalequipment exports to Russia. The minimal sum of the credit is $500,000 witha 10-year maturity period..