RT.com
21 Mar 2023, 23:43 GMT+10
Settlements between Moscow and Beijing are already carried out mostly in national currencies, the Russian president says
Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said on Tuesday during talks with his Chinese counterpart Xi Jinping, who is in Moscow on a three-day official visit.
"We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America. I am sure that these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries," Putin said.
Two thirds of current trade between Moscow and Beijing is carried out in national currencies - the yuan and the ruble, the Russian president noted.
China's trade with Russia hit a record high in 2022, growing by nearly a third amid Western sanctions against Moscow. Bilateral trade is on pace to hit over $200 billion this year.
The latest data from the Bank of Russia shows the yuan has become a major player in Russia's foreign trade, with its share in the country's import settlements jumping to 23% by the end of last year from only 4% in January 2022. The yuan's share in export settlements also surged, from 0.5% to 16%.
"It is important that national currencies are increasingly used in mutual trade. This practice should be further encouraged, and the mutual presence of financial and banking structures in the markets of our countries should be expanded," Putin added.
Meanwhile, the share of the US dollar and euro in Russia's export settlements last year dropped substantially, from 65% in January 2022 to 46% in December.
In February, the Chinese currency overtook the dollar as the most traded currency on the Russian stock market for the first time ever, according to data from the Moscow Exchange.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Germany Sun 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 Germany Sun.
More InformationSAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
A new law in Denmark subjects 18-year-old females to the draft starting July 1 Women in Denmark are now subject to conscription,...
The inflation is driven by the price of services, which recorded a yearly inflation rate of 3.3 percent in June, up from 3.2 percent...
The Russian Foreign Ministry has condemned the prosecution in Moldova of regional head Yevgenia Gutsul as politically motivated repression...
Why Trump managed to settle the conflict in the Middle East but not in Eastern Europe US President Donald Trump secured his image...
A video posted on Facebook by Kostadin Kostadinov, leader of the Revival party, claims that once Bulgaria joins the eurozone on January...
VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
DUBLIN, Ireland: Former government minister Mary Hanafin has confirmed she will seek the Fianna Fáil nomination to contest Ireland's...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
DUBLIN, Ireland: Ireland's EU Commissioner Michael McGrath has defended Commission Vice President Kaja Kallas over her recent comments...
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...