Cutting Out the US Dollar: Russia & China Boost National Currencies Trade
- Cutting Out the US Dollar: Russia & China Boost National Currencies Trade
by https://www.rt.com/
Moscow and Beijing have agreed to raise the share of ruble-yuan trade settlements, in a joint agreement signed by Russian President Vladimir Putin and Chinese leader Xi Jinping on Friday.
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The document envisages “further strengthening of the Russian-Chinese cooperation in the financial sector, promoting increase of the share of national currencies in trade payments, investments and financing, expanding collaboration in such fields as payment systems and insurance.”
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The two leaders agreed to raise trade turnover and further improvement of its structure, searching for new growth areas and collaboration in trade and economic cooperation. President Putin said Russia-China trade turnover could hit $100 billion by the end of this year.
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According to the document, the sides also plan to “boost efforts aimed at harmonizing strategies, programs and measures to develop national economies and particular sectors.”
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They also want to “create favorable environment for Russian and Chinese enterprises; jointly promote big projects in accordance with subjectivity principles of companies, the market-oriented approach, commercial-based work and observance of global practices; and sustainably expand the scope and raise the level of Russian-Chinese investment collaboration,”as well as to create favorable conditions for trans-border bond issuance.
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