Chinese, Russian Banks To Cooperate

An agreement on cooperation was signed between Russia's foreign trade bank (Vneshtorgbank) and China's major state-run commercial bank - Industrial-Trade Bank - in Shanghai Friday. It is a frame agreement providing for cooperation in diverse fields, including frontier foreign economic links, regional trade and regular exchange of information on current banking activities. Under the agreement, the sides are to widen services in short-term trade financing, to search for acceptable ways of financing joint investment projects and to improve the servicing of small wholesale frontier trade. The banks also intend to facilitate the solution of financial matters erupting in trade and economic exchange.