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 Taiwan 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 Taiwan Sun.
More InformationTOKYO, Japan: Japan is preparing to revise legislation to allow it to restrict the export of advanced semiconductor manufacturing equipment ...
LONDON, England: Energy giant Shell Oil has announced a record profit of nearly $40 billion in 2022, capping an eventful ...
TOKYO, Japan: Honda has announced that it will manufacture a new hydrogen fuel cell system, which was jointly developed with ...
IRVINE, California: In an effort to cut costs in preparation for an industry-wide price war, electric vehicle manufacturer Rivian Automotive, ...
SANTA CLARA, California: One week after Intel forecasted lower-than-expected sales caused by a loss of market share to rivals and ...
WASHINGTON D.C.: As part of a wider policy drive to increase competition in consumer markets, President Joe Biden has announced ...
JERUSALEM - Israel on Sunday announced plans to build a new town on the Gaza border .The town, temporarily named ...
CHICAGO, Illinois: After an ice storm ravaged states from Texas to West Virginia, this week, airlines canceled over 1,800 flights ...
PRAGUE, Czech Republic: Ahead of her visit to Taipei, Marketa Pekarova Adamova, Speaker of the Czech Lower House, reiterated to ...
TRENTON, New Jersey: A federal judge has blocked a New Jersey law allowing the state's attorney-general to sue gun manufacturers ...
WASHINGTON D.C.: The Biden administration said this week that it will end US COVID-19 emergency declarations on 11th May, nearly ...
WASHINGTON D.C.: In a letter to lawmakers last week, the US Federal Aviation Administration (FAA) said it had put in ...