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September 30, 2016
Abstract : The People's Bank of China (PBOC) announced on September 23 that it has authorized the Industrial and Commercial Bank of China (ICBC) Moscow office to offer RMB clearing services in Russia.
BEIJING -- The People's Bank of China (PBOC) announced on September 23 that it has authorized the Industrial and Commercial Bank of China (ICBC) Moscow office to offer RMB clearing services in Russia.
Chinese and Russian central banks signed a memorandum in June on the establishment of a RMB clearing mechanism in Russia to "facilitate the cross-border use of yuan by enterprises and financial institutions from both countries."
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