Russia is willing to increase settlements in yuan in his foreign trade, the president Vladimir Putin he said during talks with his Chinese counterpart, Xi Jinping.
“We are for the use of the Chinese yuan in settlements between Russia and the countries of Asia, Africa and Latin America. I am sure that these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries,” Putin was quoted as saying by RT News.
Two-thirds of current trade between Moscow and Beijing is in national currencies – the yuan and the ruble, the Russian president noted.
China’s trade with Russia it reached a record in 2022, growing by almost a third amid Western sanctions against Moscow.
Bilateral trade is on track to hit more than $200 billion this year, RT reported.
The latest data from the Bank of Russia shows that the yuan has become a major player in Moscow’s foreign trade, with its share of the country’s import deals jumping to 23 percent at the end of last year from just 4 percent in January 2022.
The yuan’s share in export deals also increased, from 0.5 to 16 percent.
“It is important that national currencies are increasingly used in mutual trade. This practice should be further encouraged and the mutual presence of financial and banking structures on the markets of our countries should be expanded,” Putin added.
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