Gref predicted an increase in the use of the yuan in export-import transactions

Chairman of the Board of Sberbank German Gref expects the growth of the yuan in the import-export operations of Russia. He stated this at the Russian-Chinese business forum in Shanghai.

“The share of the yuan in Russia’s export-import operations will continue to grow. Over the year, the share of the yuan in Russia’s export operations increased from 2 to 18%, in imports – from 5 to 27%, this is an impressive trend,” Gref said (quoted from 1Prime).

According to him, Sberbank sees the interest of customers in the currencies of friendly countries. The Chinese yuan is leading. In 2023, the bank expects a tenfold increase in the number of transactions made in yuan compared to 2022.

According to the Federal Customs Service of Russia, the foreign trade turnover of the Russian Federation in 2022 amounted to $850.5 billion. Since August 2022, Russia has taken 3rd place in terms of the use of the yuan in cross-border trade, according to SWIFT statistics.

In mid-January, the PRC Customs Administration reported that trade turnover between Russia and China in 2022 increased by 29.3% year-on-year to a record $190.27 billion. Exports from China to Russia increased by 12.8% over the past year to $76 .12 billion. Imports from Russia to China during this time increased by 43.4% to $114.15 billion.