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China, Russia sign pact to expand financial cooperation

Xinhua, December 17, 2015 Adjust font size:

The central banks of China and Russia had signed a memorandum of understanding (MOU) to expand financial cooperation, the People's Bank of China (PBOC) announced on Thursday.

The MOU covers cooperation to promote local currency settlements, bank card issuance, access to local-currency bond markets and credit rating partnerships, the PBOC said in a statement on its website.

The cooperation will facilitate bilateral trade and investment, and support growth of the two economies, it said.

The pact was signed by PBOC governor Zhou Xiaochuan and Elvira Nabiullina, head of the Central Bank of the Russian Federation. Endi