“We pay in yuan only with Chinese companies” – Kommersant FM
[ad_1]
Russia began to pay more often in yuan. The share of the Chinese currency in trade turnover increased to 25%, and these statistics did not take into account payments to the PRC. The Ministry of Economy reported this to RBC. Nevertheless, they emphasized that the ruble remains the main currency for export payments; in 2023, its share more than tripled and exceeded 40%.
Kommersant FM asked businesses whether their suppliers were ready to switch to yuan. Entrepreneurs said that this currency is rarely accepted by non-Chinese counterparties. Some Russian companies still pay in euros or dollars:
Dmitry Petrov, head of the product management department at Xcom-shop: “We mainly pay in yuan only to Chinese companies. We have no practice of working with organizations in other jurisdictions in yuan. If this is the United Arab Emirates, then it is dirhams. If this is Türkiye, then it is usually lira or rubles. We basically adapted to everything. There are difficulties in terms of payments to correspondent banks. But this is a period of adaptation, as some routes have improved, and the process is ongoing.”
Daria Sologub, import director of the Fort wine trading company: “We don’t have a single supplier with whom we work in yuan, since payments in standard currencies were quickly established. There is no Chinese direction in the wine business, or even a Middle Asian one. Therefore, it is quite difficult for suppliers from Argentina to even receive yuan. It is possible to consolidate payments. And, accordingly, discuss with suppliers longer terms for receiving payments. For example, the payment has been sent, and we know it will arrive in approximately three weeks. But in parallel with this, the supplier is already performing some loading and unloading work so that we can optimize time.”
Sergey Voronov, CEO of the furniture company Dantone Home: “We have not switched to the yuan as a reserve currency in terms of payment. Because we continue to work with those with whom we worked in yuan. With Chinese companies, payments are made in yuan. In 2017 or 2018, switching to Chinese currency was associated with savings and benefits due to the lack of conversion. Then we saw that it was almost 5% more profitable to buy. Now we continue to work with the same suppliers. The only caveat was that we had to move from sanctioned banks to non-sanctioned ones with payments in yuan.”
Alternative friendly currencies – lira, dirhams and rupees – are used in circulation with Turkey, the UAE and India, accounting for up to 15%. But they are practically not used in settlements with third countries, the Ministry of Economy concluded.
Everything is clear with us – Telegram channel “Kommersant FM”.
[ad_2]
Source link