Chinese commercial banks requested changes to capital adequacy ratios from the Russian Federation's monetary authorities on Thursday.
Deputy Finance Minister Alexei Moiseyev said that the issue was within the parameters of the Central Bank of Russia.
“They want a couple of changes," Moiseyev said. "There are several ratios, which they believe are inconvenient. These ratios relate to capital adequacy.We are interested in expanding cooperation with the Chinese financial system.”
The N1.0 capital adequacy ratio is a requirement of all credit institutions in Russia, currently at 10 percent.
Liberalizing the Russian financial market was discussed in a meeting with First Vice-Premier Igor Shuvalov and representatives from Chinese commercial banks in September.
Shuvalov said that both sides were discussing easing the restrictions in trading yuans and using Chinese currency for Russian investors. Both countries are considering lending yuans for a three to five year term, as compared to current maturity of one year.