Nabiullina sees Chinese way for Russian fincl market as step back

MOSCOW, Sep 27 (PRIME) -- Russia cannot directly apply Chinese experience in its financial system, it will be a step back for the financial market freedom, Chairwoman of the central bank Elvira Nabiullina said on Wednesday.

“They (China) have a managed exchange rate, a plurality of interest rates, restrictions on capital flows. But whoever suggests that we use this approach, probably forgets that China has been trying to liberalize capital flows, financial markets and so on for several decades, two decades at least. I don't understand why we should move backwards,” she said.

On Monday, Russian Economic Development Minister Maxim Reshetnikov, in connection with the situation on the currency market, raised the issue of a market of offshore rubles, which formed due to the active development of payments in national currencies. Russia needs to create some analog of the Chinese model to tackle the problem, he also said.

The chairwoman submitted proposals to the State Duma, parliament's lower chamber, on the appointment of three new members of the regulator's board of directors and the extension of the powers of the four current ones.

Nabiullina proposed to appoint Elizaveta Danilova, director of the financial stability department, Rustem Mardanov, head of the central bank's main department for the Central Federal District, and Larisa Pavlova, head of the Volga-Vyatka main department of the central bank, to the board of directors.

She also suggested extending for a new term the powers of board members Vladimir Chistyukhin, Alexei Guznov, Mikhail Mamuta and Alexei Simanovsky.

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