BEIJING, Sept. 29 (Xinhua) -- A Sino-Russian financial center will be established in China's Guangdong-Hong Kong-Macao Greater Bay Area. The project was initiated jointly by Savings Bank of the Russian Federation (Sberbank of Russia), Guangzhou Economic and Technological Development Zone and Beijing Xinnuo Investment Co., Ltd on Thursday.
The total investment of the project is 5 billion yuan (730 million U.S. dollars approximately), and half of which will be used for the construction.
It is reported that the Sberbank of Russia will set up a branch and a settlement center in the upcoming Sino-Russian financial center.
The center is designed to satisfy diverse needs with multiple financial services. Upon completion, it is predicted to facilitate the financial integration of Central Asia, West Asia, Europe, Russia, Mongolia and other countries. (Edited by Li Wenxin, liwenxin@xinhua.org)
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