Europe News Desk!!! Russia is ready to increase the use of the Chinese currency yuan in its foreign trade, President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping. We want the use of the Chinese yuan between Russia and countries in Asia, Africa and Latin America, RT News quoted Putin as saying. I am sure that transactions in yuan will be developed between Russian partners and their counterparts in third countries. The Russian President noted that two-thirds of the current trade between Moscow and Beijing is carried out in the national currencies – the yuan and the ruble. China’s trade with Russia is set to reach a record high in 2022, rising by nearly a third amid Western sanctions against Moscow.
RT reported that bilateral trade is on track to exceed $200 billion this year. The latest data from the Bank of Russia showed the yuan has become a dominant currency in Moscow’s foreign trade, with its share of the country’s imports rising from just 4 percent in January 2022 to 23 percent by the end of last year. The yuan’s share in export settlement also increased from 0.5 percent to 16 percent. It is important, Putin said, that national currencies are increasingly used in mutual trade. This practice should be further encouraged and mutual presence of financial and banking structures in the markets of our countries should be expanded.
–IANS
World News Desk!!!
HMA/SKP