Monday, December 21st 04:35 PM IST

Russia's VTB signs agreement with China Construction Bank

# Russia  # VTB  # China Construction Bank  # CCB  # Gold  

This groundbreaking agreement with a major Chinese bank will regulate bilateral gold transactions between VTB and CCB. It will also enable VTB Bank to expand the number of counteragents and services offered on the Chinese commodity market while also boosting commodities trading between the two countries.

MOSCOW (Bullion Street): Russia's VTB Bank and China Construction Bank (CCB) have signed a cooperation agreement on the trade and delivery of precious metals, including gold.

This groundbreaking agreement with a major Chinese bank will regulate bilateral gold transactions between VTB and CCB. It will also enable VTB Bank to expand the number of counteragents and services offered on the Chinese commodity market while also boosting commodities trading between the two countries.

"China is one of the world's largest buyer and consumer of gold, so it is very important for VTB to open up the market with renowned partners such as the CCB," said Herbert Moos, Deputy President and Chairman of the Management Board of VTB.

“We will continue to expand the range of services we offer in mainland China by adding new tools that can be used on the global commodity markets and to facilitate Russian-Chinese trade in a number of economic sectors,” Moos said.

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