RT.com
24 May 2023, 22:13 GMT+10
The majority of payments between the two countries are made in national currencies, the Russian prime minister says
Nearly three-quarters of transactions between Moscow and Beijing are currently made in rubles or yuan, Russian Prime Minister Mikhail Mishustin revealed during talks with Chinese Premier Li Qiang in Beijing on Wednesday.
Moscow has repeatedly stated that it considers both the dollar and euro unreliable, as their use in the country's cross-border transactions has been jeopardized by Western sanctions over the conflict in Ukraine.
"70% of cross-border settlements between Russia and China are already conducted in national currencies - rubles and yuan," Mishustin stated.
While attending a business forum in Shanghai on Tuesday, the Russian prime minister also noted that the countries' mutual decision to conduct the majority of transactions in national currencies had significantly bolstered bilateral trade, which is on course to reach a $200 billion target this year ahead of schedule.
"While in 2021 only about a quarter of settlements between our countries were made in national currencies, last year it was almost two-thirds," Mishustin said, pledging to continue to increase "the independence of bilateral financial cooperation and thereby strengthen economic sovereignty."
Last month, Russian Deputy Prime Minister Alexander Novak announced that Moscow would be switching to national currencies in energy trade with all its foreign partners. He said most transactions in this sphere were mostly made in yuan and rubles already, and the country plans to abandon the euro and dollar in energy exports altogether.
Both Moscow and Beijing have stepped up efforts to reduce dependence on the dollar and euro in international trade against the backdrop of last year's anti-Russia sanctions. President Vladimir Putin earlier suggested that the Chinese yuan should be used more widely in Russia's foreign trade, not only in transactions with China, but also with countries in Africa and Latin America. Indian policymakers have also taken steps in recent months to shift away from the greenback to rubles and rupees in mutual trade with Moscow.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Central Coast News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Coast News.
More InformationWASHINGTON D.C.: The Defense POW/MIA Accounting Agency has announced that 2nd Lt. James Litherland of South Williamsport, Pennsylvania, an Army ...
DHAKA, Bangladesh - The Anti-Corruption Commission (ACC) has filed a case against 13 members of Grameen Telecom's board of directors, ...
WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...
LOUISVILLE, Kentucky: Two horses that succumbed to their injuries at Churchill Downs have become the 11th and 12th fatalities over ...
FREMONT, California: Brain implant company Neuralink announced that it has received approval from US regulators to begin human brain implant ...
JEFFERSONVILLE, Indiana: Randy Lankford, owner of Lankford Funeral Home and Family Center in Jeffersonville, Indiana, has pleaded guilty to more ...
SANTA CLARA, California: Nvidia Corp, the world's most valuable listed chip company, said that to meet soaring customer demand for ...
BURBANK, California: Over the US Memorial Day weekend, Disney's live-action remake of its 1989 animated classic, "The Little Mermaid," brought ...
DENVER, COLORADO: A federal judge has ruled that a rural Colorado school district can ban a high school student from ...
SAN FRANCISCO, California: Sam Altman, CEO of ChatGPT-maker OpenAI, has said the company could consider leaving Europe if it could ...
Two of the most highly touted amateur golfers in the world kick-started their professional careers in excellent fashion on Thursday. ...
Two pitchers with a lot in common, including being totally unfamiliar with the other's current team, are scheduled to square ...