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Russian President Vladimir Putin: Russian President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping that Russia is ready to increase the use of the Chinese currency yuan in its foreign trade. RT News quoted Putin as saying, “We want the use of the Chinese yuan between Russia and countries in Asia, Africa and Latin America. I am sure that transactions in the yuan will be developed between Russian partners and their counterparts in third countries.” Will go.”
Russia-China bilateral trade on track to exceed $200 billion this year
The Russian President said that two-thirds of the current trade between Moscow and Beijing is carried out in the national currencies – the yuan and the ruble. China’s trade with Russia is set to reach a record high in 2022, rising by nearly a third amid Western sanctions against Moscow. RT reported that bilateral trade is on track to exceed $200 billion this year.
The yuan has become a major currency in Moscow’s foreign trade.
The latest data from the Bank of Russia showed the yuan has become a dominant currency in Moscow’s foreign trade, with its share of the country’s imports rising from just 4 per cent in January 2022 to 23 per cent by the end of last year. The yuan’s share in export settlement also increased from 0.5 percent to 16 percent.
Russian President Putin said a big thing about currency
It is important, Putin said, that national currencies are increasingly used in mutual trade. This practice should be further encouraged and the mutual presence of financial and banking structures in the markets of our countries should be expanded.
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