China boosts ties with Russia.
M2 EQUITYBITES-September 19, 2018--China boosts ties with Russia
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Global Banking News - 19 September 2018
Russia is benefiting from the US-China trade war as China is enhancing its banking ties with Russia.
Russia-based VTB Bank (MCX: VTBR) has announced plans to double its headcount in Shanghai over the next three to four years. The firm is to expand into China by offering key services including commercial banking, foreign exchange and trade finance. The bank has already scaled down its operations in Europe and has effectively cut ties with the US. It is Russia's only lender with a full-service brand in China.
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