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16.07.2012

No charge for payments made in Chinese yuan

On 12 July 2012 Center-invest Bank started offering a Chinese yuan currency exchange service. Anyone wishing to buy or sell the Chinese currency can do so at Center-invest Bank’s 24-hour office or its Private Banking Centre in Rostov-on-Don (head office, 62 Sokolova Avenue).

This service was introduced to meet the growing demand among the residents of southern Russia’s capital city that are visiting China on business and holiday. In the first two days alone, our customers purchased more than 10,000 CYN. Center-invest Bank’s latest foreign currency exchange rates can be found on our website: www.centrinvest.ru

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.

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 can now make direct payments in this currency to their business partners, bypassing the chain of intermediaries.

Payments made in Chinese yuan will be free of charge at Center-invest Bank until 31 August 2012.

The expansion of our range of currency exchange services is the latest step in our strategy to further improve our payment services and help Center-invest Bank customers access promising new markets.