At a symposium this week on Russian-Chinese ties, the Charge d’Affaires of China in Russia said that the transition to commerce in the monetary system between China and Russia would help a worldwide de-dollarization movement. This statement was made by the Chinese representative.
“The current financial partnership between Russia and China and the looooong cumulative level of trade has laid a strong foundation for further widening cooperation between our countries,” Sun Weidong said, mentioning that bilateral trade has increased dramatically, focusing primarily on energy and agriculture supplies. “The existing economic collaboration between Russia and China and the lengthy accumulated tier of trade have laid a good base for further exacerbating cooperation between our countries,” Sun Weidong said
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In addition, agricultural goods and fisheries from Russia are progressively entering the market in China, the ambassador added. “Energy interaction continues to play a key role in the ties between the two nations.” “We cooperate on large projects in a variety of fields, including nuclear energy, airplane building, rocket engine development, and satellite navigation… In addition to that, transactions always take place using the country’s native currency.
In an effort to lessen their reliance on the United States Dollar and the Euro, Russia and its trade partners have been increasing the proportion of their respective national currencies used in the process of mutual settlements. In past years, Moscow has already been progressively following a plan of de-dollarization of external markets. This policy entails increasing the usage of China currency for the purchase of investment instruments denominated in yuan, as well as using the yuan as a reserve currency. In particular, expanding the usage of Chinese currency for purchasing investment instruments denominated in yuan.
In accordance with the Chinese National Bureau of Statistics, the number of goods and services exchanged between the two countries reached $136 billion during the first nine months of this year, representing an increase of more than 30 percent on an annual basis. This year, Moscow and Beijing have set a goal of increasing their bilateral commerce to a total of $200 billion.