China, among other foreign countries, has been included into the major trade partners of Russia in the first half-year 2013, whereupon the turnover with China in January-June 2013 made USD 41.9 bln. According to the forecasts the said parameter might reach USD 100 bln by 2015. Not only the abstract growth figures are of interest, but rather the great increase in the share of payments in yuan under the trade relationships between Russia and China.

Since China has widened the trading corridor for the national currency, yuan is closely watched by Chinese products importers. The Standard Chartered analysts have noted in their summaries that transactions in yuan become more and more popular for importers. An option and expediency of payments in yuan play an important role for the Russian enterprisers who cooperate with China, say the specialists. Making a transaction in yuan (not in USD or EUR), one can reduce the cost of the goods to be purchased for at least 20%, making a wellexpected economy effect, upon large amounts of purchase, from the point of view of importers' costs.

Let us remind that in September 2011 the People's Bank of China approved the provision No. 222 allowing for the PRC's banks to open special accounts for foreign correspondent banks to have a direct depositing in yuan after purchase at the currency exchange biddings. The Russian lending institutions have taken advantage of the provision No. 222 for buying Chinese yuan at MICEX with further depositing of cash onto a special account and using yuan for settlements through correspondent accounts as opened with the banks in PRC. The Russian financial institutions see a steady trend for the yuan's role expansion in the Russian-Chinese trading.

Nowadays the Russian lending entities can open correspondent accounts in yuan for international payments. These are both the accounts in Russian "daughter" companies of the largest Chinese banks: Bank of China and Industry and Commerce Bank of China, and the accounts in the Chinese banks. Thus, the conditions for a more efficient business­making and its further development have been formed for the Russian companies and enterprises that have counteragents in China, Hong Kong and Macao.

Presently yuan can be used for foreign trading by the companies located in 20 areas of China: Beijing, Tianjin, Shanghai and Chongqing cities, Liaoning, Jiangsu, Zhejiang, Fuijan, Shandong, Hubei, Guangdong, Hainan, Sichuan, Yunnan, Jilin and Heilongjiang and autonomous regions: Inner Mongolia, Guangxi Zhuang Xingjiang Uyghur and Tibet.

Customers may pay in yuan, make settlements and FX transactions. The banks offer various services to the customers: opening and serving of the settlement accounts, placement of deposits, SMS-informing connection, "Permanent Instruction" service use. A procedure to accept the cash in yuan and to have the confirmation documents filed when making currency transactions is similar to the procedure to accept the cash in USD and EUR.

The major benefit for making of settlements in Chinese yuan is the absence of fees arising for transactions with third country's currencies, such as USD, EUR, etc. Alongside the rate difference costs become less both with the transferor and recipient of cash, and the payment periods become shorter. Participants of settlements in yuan minimize the currency risks under current USD volatility conditions at the global markets, as well as expand the base of their partners. Thus, when switching to settlements in yuan the Russian importing companies have a wellgrounded opportunity to contest better contractual terms and conditions from their counteragents, including the reduction of prices.