This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/530662-yuan-share-russia-china-trade/
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Russia & China expanding yuan share in mutual trade, pushing out US dollar – Chinese Ambassador to Russia | Russia & China expanding yuan share in mutual trade, pushing out US dollar – Chinese Ambassador to Russia |
| (30 days later) | |
| The share of the Chinese currency in trade between Russia and China has increased, as the countries boost efforts to move away from the US dollar in response to Washington's sanctions policies, according to a top Chinese diplomat. | The share of the Chinese currency in trade between Russia and China has increased, as the countries boost efforts to move away from the US dollar in response to Washington's sanctions policies, according to a top Chinese diplomat. |
| The yuan's share in the countries' bilateral trade rose from 3.1% in 2014 to 17.5% in 2020, Chinese Ambassador to Russia Zhang Hanhui told news agency Interfax. | The yuan's share in the countries' bilateral trade rose from 3.1% in 2014 to 17.5% in 2020, Chinese Ambassador to Russia Zhang Hanhui told news agency Interfax. |
| According to Zhang, Russia has been steadily following a policy of de-dollarization of foreign trade, expanding the use of Chinese currency for buying financial products denominated in the renminbi and using it as a reserve currency over recent years. He added that the yuan has been gaining recognition from the Russian government, enterprises, and investors. | According to Zhang, Russia has been steadily following a policy of de-dollarization of foreign trade, expanding the use of Chinese currency for buying financial products denominated in the renminbi and using it as a reserve currency over recent years. He added that the yuan has been gaining recognition from the Russian government, enterprises, and investors. |
| "These changes show the yuan's inherent advantage and usage potential in the Russian market, marking the impressive progress that China and Russia have made in the diversification of bilateral trade settlement," the ambassador said. | "These changes show the yuan's inherent advantage and usage potential in the Russian market, marking the impressive progress that China and Russia have made in the diversification of bilateral trade settlement," the ambassador said. |
| Zhang highlighted that extending local currency settlements is one of the key aspects of financial cooperation between China and Russia, and is seen as conducive to shaping a more flexible and resilient international currency system. | Zhang highlighted that extending local currency settlements is one of the key aspects of financial cooperation between China and Russia, and is seen as conducive to shaping a more flexible and resilient international currency system. |
| The Chinese yuan accounts for 30.4% of Russia's National Wealth Fund's holdings, and 12.8% of Russia's reserve assets, the ambassador said. | The Chinese yuan accounts for 30.4% of Russia's National Wealth Fund's holdings, and 12.8% of Russia's reserve assets, the ambassador said. |
| In the first half of 2021, trade turnover between Russia and China totaled $63.08 billion, marking a nearly 30% growth year-over-year. Over the past three years, annual bilateral trade topped the $100-billion mark. The ambassador said he expects Russia-China trade to set a new record in 2021. | In the first half of 2021, trade turnover between Russia and China totaled $63.08 billion, marking a nearly 30% growth year-over-year. Over the past three years, annual bilateral trade topped the $100-billion mark. The ambassador said he expects Russia-China trade to set a new record in 2021. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
| Dear readers and commenters, | |
| We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system. | |
| Sorry for the inconvenience, and looking forward to your future comments, | |
| RT Team. |