Russia And China Pledge To Use Less Dollars In Trade As Economic Ties Deepen

Russia and China pledged on Tuesday to settle more bilateral trade in ruble and yuan and to enhance cooperation between banks, First Deputy Prime Minister Igor Shuvalov said, as Moscow seeks to cushion the effects of Western economic sanctions. Shuvalov told reporters in Beijing that he had agreed an economic cooperation pact with Chinese Vice Premier Zhang Gaoli that included boosting use of the ruble and yuan for trade transactions. The pact also lets Russian banks set up accounts with Chinese banks, and makes provisions for Russian companies to seek loans from Chinese firms. “We are not going to break old contracts, most of which were denominated in dollars,” Shuvalov said. “But, we’re going to encourage companies from the two countries to settle more in local currencies, to avoid using a currency from a third country.”

Article here