The agreement will help economic agents of our two countries settle payments in their national currencies.
In recent years, trade and economic co-operation between China and Belarus has grown. In this respect, Priorbank’s correspondent account in Yuans will boost interaction between Belarusian and Chinese companies, while reducing the number of procedures relating to mutual payments.
The Industrial and Commercial Bank of China is among the leaders on the Chinese banking market in terms of volume of international payment transactions. China is one of the most important foreign trading partners of Belarus. According to our National Statistical Committee, from January-October 2010, Belarus increased its exports to China over 2.6-fold (against the same period of 2009), to reach $381.7m.