The share of the Chinese currency in transactions will rise tenfold this year, Herman Gref predicts The Chinese yuan has become a major player in Russia’s foreign trade and its share in the country’s cross-border settlements is expected to grow tenfold, Herman Gref, the head of Russia’s largest state-owned lender, Sber, said on Tuesday. The share of the yuan in Russia’s export settlements jumped from 2% to 18% and in import payments from 5% to 27% over the past year, according to Gref. Speaking at a Russian-Chinese Business Forum in Shanghai, he highlighted the “significant” interest in national currencies, and in
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