Russia says it, China build infrastructure for national currencies

MOSCOW, Apr 26 (PRIME) -- Moscow and Beijing have built the infrastructure for shifting to trade using the national currencies, and the share of such settlements has been increasing over the past few years, Deputy Foreign Minister Igor Morgulov told PRIME on Tuesday.

“As to the settlements, the latest events have demonstrated that the national currencies are the most reliable and secure form of payments. We have built the necessary infrastructure with China here,” he said.

“A bank able to clear the yuan operates in Russia, the ruble against the yuan trading is carried out on the Moscow Exchange, a foreign currency swap deal has been signed by the central banks.”

Morgulov said that the share of settlements in the national currencies amounted to 25% in January–June 2021, and hoped it will continue to increase.

Trade turnover between China and Russia can reach U.S. $200 billion until 2024, the official also said.

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