China/Russia Chipping Away Dollar Status as Reserve Currency?

Russia's President Putin and China's President Xi Jinping attend a signing ceremony in Shanghai,  May 2014

VTB Bank and Bank of China signed on May 20, 2014 an Agreement on Cooperation in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping.  The agreement was signed by First Deputy President and Chairman of VTB Bank Management Board Vasily Titov and Bank of China President Chen Siqing.

Under the agreement, the banks plan to develop their partnership in a number of areas, including cooperation on ruble and renminbi settlements, investment banking, inter-bank lending, trade finance and capital-markets transactions.  Vasily Titov said :”The signing of the agreement underscores VTB Group’s ongoing drive to grow its business in Asia, and will help facilitate the development of bilateral trade and economic relations between Russia and China, which have always been reliable partners.”

VTB Bank signs cooperation agreement with Bank of China, Press Release VTB Bank, May, 2014

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