Major Chinese bank begins blocking yuan transfers to Russia from "friendly" countries – media [Yahoo! Finance]
BANK OF CHINA UNSP/ADR (BACHY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
Source : RBC with reference to business representatives, lawyers and consultants, as reported by The Moscow Times Details : Recently, a company from the United Arab Emirates was unable to transfer yuan from the Kazakhstani Bank CenterCredit to the Chinese Zhejiang Chouzhou Commercial Bank. The transaction was blocked by the Bank of China, which acts as a correspondent bank for the Kazakh bank, according to Vladislav Donchenko, deputy chair of the Legal Committee of the Russian Association of Exporters and Importers. Quote from Donchenko : "Meanwhile, neither the director nor the founder of the company had formal ties to Russia." More details : According to Donchenko, Chouzhou Commercial now only accepts payments from banks in Kazakhstan with which it has direct correspondent relationships. Similar issues have arisen during transfers to China from banks in Georgia and Armenia, claims Giorgi Okromchedlishvili, a senior analyst at the consultancy firm ITSWM. Maxim Spassky, Secre
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