When discussing the internationalisation of China’s renminbi, Denis Shulakov, first vice-president of Gazprombank in Moscow, is fond of quoting Wayne Gretzky, the former Canadian ice hockey player and coach.
“You don’t need to be where the puck is, you need to be where the puck is going to be,” he says.
Gazprombank, like many Russian banks, is furiously working to set up operations in both Hong Kong and on the Chinese mainland in preparation for conducting more trade and finance in China’s renminbi: “All the Russian corporates who are key clients of the bank are moving in this direction,” explains Mr Shulakov, who says his organisation expects to be the first Russian bank to obtain a broker dealer licence in Hong Kong.
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