On the signing of the Memorandum of Understanding on Cooperation between the Central Bank of the Russian Federation and the People’s Bank of China
Heads of governments of Russia and China during their 20th Meeting, held in Beijing on December 17, 2015, welcomed the signing of the Memorandum of Understanding by Governor of the Bank of Russia, Ms. Elvira Nabiullina, and Governor of the People’s Bank of China, Mr. Zhou Xiaochuan.
The Memorandum`s main purpose is the development of cooperation between the Bank of Russia and the People’s Bank of China in the spheres of their mutual interests. It defines the following key areas of cooperation:
- Promoting development of settlements in national currencies in order to reduce dependence on external financial instruments and strengthen national currencies;
- Continuing bilateral cooperation in the area of national payment systems;
- Providing facility for the mutual access to issuing bonds denominated in national currencies on the territories of the Russian Federation and the People’s Republic of China;
- Coordination of efforts and measures aimed at improving efficient use of credit ratings; sharing experience and working together to reduce the mechanical use of external ratings in legislation, regulation and market practices.
Cooperation in these and other areas will be carried out within the respective competences of the Bank of Russia and the People’s Bank of China.
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