RT.com
06 Dec 2022, 01:28 GMT+10
The transition to national currencies in mutual settlements is speeding up, according to PM Mikhail Mishustin
Russia and China are increasingly switching to their national currencies in trade, with nearly half of the two countries' transactions carried out in rubles and yuan, Prime Minister Mikhail Mishustin has revealed.
The statement was made during a video conference with Chinese Premier Li Keqiang on Monday, with Mishustin expressing hope that the use of the national currencies instead of the US dollar and euro will grow further.
"This transition... will be actively gaining momentum. This is the kind of settlement that should prevail. This is the logic of a sovereign economic and financial policy of a multipolar world," he said.
Mishustin noted that despite external pressures and unfavorable economic conditions, trade between the two countries has seen double-digit growth, and in the first ten months of the year, trade turnover was up by almost a third and is now close to $150 billion.
"This is already higher than last year's figures. In the long term, as the leaders of the two countries agreed, we will reach $200 billion or more," he stated.
In recent years, Russia and China have been ramping up the use of domestic currencies in mutual settlements in an effort to move away from the US dollar and euro.
Moscow has been steadily pursuing a policy of de-dollarization in foreign trade and has increased the use of the yuan. In addition to the Chinese currency featuring more frequently in trade settlements, some Russian companies have begun issuing yuan-denominated bonds, while a number of banks are offering deposits in the currency.
For more stories on economy & finance visit RT's business section
Get a daily dose of St Petersburg Star 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 St Petersburg Star.
More InformationWASHINGTON D.C.: US lawmakers have called on the Department of Energy to release documents detailing attempts by Russian hackers to ...
MOSCOW, Russia: Russian state-run TASS news agency has reported that a US woman was detained and fined by a Russian ...
Nearly a year in, the war in Ukraine has cost tens of thousands of lives and brought the world to ...
BOSTON, Massachusetts: Russian businessman Vladislav Klyushin, who has ties to the Kremlin, has been accused of making tens of millions ...
Rescue operations are now a ?race against time,? says the World Health OrganizationThe number of confirmed deaths from the 7.7 ...
While criticizing Moscow, Josep Borrell predictably insulted Africa, Russia's foreign minister saidDismissing African countries as easy to manipulate is 'on ...
WASHINGTON, DC - The global community has extended aid to Turkey and Syria following the devastating earthquakes that hit the ...
WASHINGTON D.C.: US lawmakers have called on the Department of Energy to release documents detailing attempts by Russian hackers to ...
Photo credit: Ercin Erturk / Anadolu AgencyThe death toll from Monday's massive 7.8 magnitude earthquake in Turkey and Syria has ...
WASHINGTON D.C.: In a sign of future political battles over record numbers of illegal crossings under Democratic President Joe Biden, ...
MOSCOW, Russia: Russian state-run TASS news agency has reported that a US woman was detained and fined by a Russian ...
ISLAMABAD, Pakistan - Former President General (retd) Pervez Musharraf died in a Dubai hospital on Sunday at the age of ...