- Cutting Out the US Dollar: Russia & China Boost National Currencies Trade
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.
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.”
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.
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.”
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.