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15.11.2011

No charge for payments made in Chinese yuan

Center-invest Bank has announced new special terms for its customers engaged in international trade: all payments in Chinese yuan will be free of charge until 31 December 2011.

In summer 2011, Center-invest became the first bank in southern Russia to establish a correspondent banking relationship with China’s 5th largest bank (by assets), the Bank of Communications. Center-invest customers who open correspondent accounts in Chinese yuan (CNY) can now make direct payments in this currency to their business partners, bypassing the chain of intermediaries. Moreover, CNY payments will be free of charge until the end of 2011.

Center-invest Bank offers the following services in CNY:

  • letter of credit and bank guarantee payment methods;
  • money transfers;
  • foreign exchange operations.

Our direct payment solution provides benefits for both parties involved in the trade transaction: transaction and currency risks are reduced; it is quicker and simpler to obtain tax refunds; and administration costs are lower.

In the interests of promoting and strengthening international trade, Center-invest Bank has reduced its charges for all foreign currency money transfers, for both its business and its retail customers. To make payment processes even more convenient, the bank is currently not charging its business customers for CNY currency exchange.

Increasing the range of international trade services is the latest step in Center-invest Bank’s strategy to improve its payment services and help its customers access promising, new markets. China is a key trade partner for Russia, and it is anticipated that the Chinese yuan will soon be one of the currencies most in demand for international trade payments.

Center-invest Bank is continually expanding its interbank payment services and its correspondent banking relationships. It currently has correspondent relationships with 28 financial institutions in various countries. In Q3 2011, transactions through correspondent accounts totalled USD12.6 billion and EUR279 million.

As Center-invest is a member of SWIFT, we can make prompt payments to our customers’ trade partners in any country.