Share of national currencies in Russian-Chinese trade reaches 90%

Share of national currencies in Russian-Chinese trade reaches 90%

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Share of national currencies in Russian-Chinese trade reaches 90%

According to Maxim Reshetnikov, Russia is equally developing trade turnover in national currencies with other countries, while the yuan is also used for trade with third countries.

The share of the ruble and the Chinese yuan in trade settlements between Russia and China has reached 90%, Russian Economic Development Minister Maxim Reshetnikov told reporters in Beijing.

“Our trade in national currencies is now 90%. The share of the Russian ruble was 4%, now it is 20%,” Reshetnikov said. He noted that the emphasis on the yuan in trade is inevitable based on the size of the Chinese economy and the convertibility of the currency.

According to the minister, Russia is equally developing trade turnover in national currencies with other countries, while the yuan is also used for trade with third countries.

“This is still one of the leading reserve currencies, and given the request from the Russian economy, we still need reserve currencies, we still need to hedge currency risks,” Reshetnikov said. He added that there is demand for yuan, and this reflects, in particular, the growth of trading in this currency on the Moscow Exchange.

Reshetnikov is heading the Russian delegation, which is on a working trip in Beijing on September 19-20. On September 19, the 26th meeting of the Russian-Chinese subcommittee on trade and economic cooperation takes place.

A number of business meetings are also planned as part of the visit, in particular with the Minister of Commerce Wang Wentao, Minister of Culture and Tourism Hu Heping and other Chinese colleagues.