UPDATE: Spox: Russian cbank in talks with China on natl currencies payments

(Adds comments in last paragraph)

MOSCOW, Mar 31 (PRIME) -- The Russian central bank is in an active dialogue with the Chinese monetary authority on ways to stimulate transactions in the national currencies, a central bank spokesman told PRIME Tuesday.

“The Russian central bank is actively participating in a dialogue with the People's Bank of China and Chinese commercial banks on the subject of national currencies transactions stimulation,” the spokesman said.

On Monday, CEO of VTB Bank Andrei Kostin said that the idea to replace the U.S. dollar in trade between Russia and China with the national currencies has hit difficulties because China wants the yuan to be the leading currency, which Russia opposes.

The spokesman said that the agreement between the monetary authorities is “not the defining precondition of (starting) transactions in rubles and yuans.”

Stabilization of the ruble will trigger an increase in payments for Russian exports in rubles, the spokesman said. “We may expect that the trend for stabilization of the ruble which we have seen lately will favor the growth of payments for Russian exports in rubles.”

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