Organized by the Association of Russian Banks (ARB), the Bank of Russia, the People's Bank of China (PBC) and the All-Chinese Financial Association, the two-day event will focus on bilateral cooperation in the banking and financial fields, economic development, and interaction with third parties and their institutions.
ARB President Garegin Tosunyan told journalists Sunday that the 40-member Chinese delegation would be headed by a vice-president of PBC. The Russian delegation includes Central Bank Chairman Sergei Ignatyev, deputy chairman Viktor Melnikov, and representatives of state-owned Sberbank (the Russian Savings Bank), the Moscow Interbank Currency Exchange (MICEX), and major private banks.
According to Tosunyan, Russian and Chinese banks are interested in bilateral trade, which is expected to almost triple from $21 billion in 2004 to $60 billion in 2010, being conducted through their accounts.
"Transactions should be given to Russian and Chinese banks, but we mainly handle servicing in third currencies using hard currency," Tosunyan said.
The ARB president said the delegations would also discuss several important issues, including joint oil and transportation projects.
