- See also:
Bye Bye Benjamin! Russia & China speed up de-dollarization process: most trade no longer conducted in greenbacks
- Putting Benjamin to Bed? In major move, China & Russian-Led EEU Bloc to Replace Trade in Dollar & Euro With Domestic Currencies
by Jonny Tickle, https://www.rt.com/
The Eurasian Economic Union (EAEU), an analogue to the EU in the post-Soviet space, should begin using its own currencies in trade, rather than the Euro and Dollar, which dominate commerce between the member states and China.
That’s a consensus agreed upon at a virtual forum on Monday, dedicated to integrating the five EAEU member states with China’s flagship foreign policy initiative, ‘One Belt, One Road’. Founded in 2010, The EAEU is made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, and in recent years has actively sought a closer relationship with Asia, especially Beijing.
“To avoid the growing risks, we must switch to national currencies,” said the Eurasian Economic Commission’s Minister for Integration and Macroeconomics, Sergey Glazyev. “This work is underway, and we are consistently increasing the share of payments in national currencies, both in the EAEU and abroad, although it remains modest. For example, only half of payments in the EAEU are made in national currencies, and with China, the share of payments in rubles and yuan is even less – 15%.”