Moscow and Beijing complete the infrastructure for carrying out commercial transactions in national currencies

The Russian Foreign Ministry revealed that Russia and China have prepared the entire infrastructure to carry out trade transactions between them in national currencies, in a move to dispense with the dollar.

Russian Deputy Foreign Minister Igor Morgulov told RIA Novosti: “With regard to trade settlements, recent events have clearly shown that national currencies are the most reliable and secure payment method. We have built the necessary infrastructure with China in this area, as there is a bank in Russia to carry out the yuan clearing procedures and an agreement on currency swap was concluded between the central banks of the two countries.”

Morgulov pointed out that the share of commercial transactions between Russia and China in national currencies has grown over the past years, indicating that in the first half of last year the share of these transactions reached 25 percent, expressing confidence that they will witness more rapid growth in the near future.

NR