Russia will “actively consider” the issuance of Yuan-denominated bonds on the Moscow Exchange, according to a statement on the website of the Russian Finance Ministry following the results of the 8th Russian-Chinese financial dialogue.
“Russia will actively consider issuing yuan-denominated bonds on the Moscow Exchange in accordance with Russian law. China welcomes this development and encourages investors in China to invest in bonds issued by the Russian side, in accordance with the existing regulatory framework," the ministry said.
In addition, according to the statement of the Finance Ministry, the countries will actively facilitate the access of investors in both countries to the national bond markets.
It is not the first year that Russia has been planning to issue bonds in yuan, but for a number of reasons, the placement had to be postponed.
Russia and China also intend to develop cooperation between the credit rating agencies of both countries with respect to the methodology used in determining creditworthiness, the exchange of information and sharing of experience, and the development of credit rating products.
On 5 June, Russian Finance Minister Anton Siluanov and Chinese People's Bank Governor Yi Gang signed an intergovernmental agreement to switch to national currencies in mutual payments.
