Russian Foreign Trade Bank Formally Joins RMB Cross Border Payment System

The Information Office of the Russian foreign trade bank told the satellite news agency that the bank has joined the RMB cross-border payment system (CIPS) in China.

"The Russian Foreign Trade Bank joined the system through its correspondent bank and successfully tested it at the end of 2015," the information office said.

We are concerned about the next stage of development and operation of the CIPS system, which will improve the efficiency of revenue and expenditure. "

Andre, President of the foreign trade bank, said in an interview with Bloomberg TV that Russia will gradually use the Chinese payment system instead of SWIFT.

He said, "

It's not very convenient for us because it poses a special threat to our safety.

To a certain extent, we will further work with Chinese colleagues in order to develop alternative systems.

According to the Information Services Department, due to jet lag,

The time will last up to 3 hours.

The news said: "the Russian Foreign Trade Bank has a wide network of agents with the largest local banks in China. We certainly welcome any positive changes in the field of RMB cross-border payments."

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According to the latest data, the total value of China's imports and exports in February was 1 trillion and 430 billion yuan, down 15.7% from the same period last year.

Among them, exports of 821 billion 800 million yuan, down 20.6% over the same period.

Gao Hucheng, Minister of Commerce, said on 9 afternoon that the sharp decline in foreign trade data in February was mainly affected by the complex downturn in the international economic situation and the factors of the Spring Festival.

He also stressed that he would not relax foreign trade work and was confident that he would "return to stability".

According to the latest data released by the General Administration of customs, foreign trade data continued to decline in February, and the value of imports and exports dropped by 15.7% over the same period last year.

Among them, exports fell by 20.6% over the same period last year, down 25.4% from the US dollar, the biggest decline since May 2009, and the third largest decline in history.

Gao Hucheng, Minister of Commerce, analyzed the reasons for the import and export data from 1 to February this year. He said: "according to the data I have grasped, the import and export data of more than 30 major economies in the world in 1 and February are all down, and the range is above two figures.

Under this background, there is another special situation in China, that is, the Spring Festival of traditional festivals.

Exports of 30 major economies in the world have recently dropped sharply.

Among them, the US, South Korea, Japan, Canada, Brazil, India and other major economies declined by more than 2 digits.

The International Monetary Fund (IMF) and the world bank and other authoritative institutions generally lowered the global economic growth rate in 2016 to the lowest level in 6 years. The Baltic Dry Index dropped to 349 points, the lowest level in history.

International Commodities and raw materials prices continue to decline, still lingering low.

According to Zhu Yong, deputy director of the foreign trade department of the Ministry of Commerce, from the recent survey of the 20 provinces and municipalities in the country, the foreign trade situation this year is more complex and serious than last year, and the difficulties have not been reduced or even aggravated.

Zhu Yong said: "now the factor cost of enterprises continues to rise, the traditional competitive advantage of foreign trade is weakened, the investment in fixed assets continues to slow down, and import demand decreases, especially the outward pfer of industries and orders is accelerating. The export of processing trade has dropped for 12 consecutive months, exceeding the level of the international financial crisis."