"It has always been difficult for banks to start their work and operate in China. We are studying the issue and we see its development in the following manner — one can say that now there are some steps, which allow us to say that there is an opportunity for a Russian bank to get a full-fledged license," Iniushin said.
The trade representative pointed out that some Russian banks were represented in China while the VTB bank was the only bank that had a license. However, according to
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Iniushin, its license does not cover all types of operations and the bank cannot operate as a full-fledged settlement bank.
Russian and China are actively developing their economic cooperation in bilateral as well as multilateral formats such as BRICS and the Asia-Pacific Economic Cooperation (APEC).