Russia's financial institution, "My Bank" has launched the country's first RMB deposit business. The commercial bank says Russian clients are now able to open RMB savings accounts in its branches.

The minimum balance requirement is 15-hundred RMB. The annual interest rates range from 2 to 5 percent, based on different deposit amounts and terms. The service aims to allow Russian merchants to pay in RMB when trading with China and help with preventing exchange risks. The bank has been centering its business in Irkutsk and other areas that have close commercial ties with China.