Putin: 90 percent of Russia-China dealings in national monies
Date
5/16/2024 8:29:00 AM
(MENAFN) Russian President Vladimir Putin has underscored a significant shift in bilateral trade dynamics between Russia and China, noting that the vast majority of transactions are now conducted in national currencies rather than the United States dollar. Speaking during a meeting with Chinese President Xi Jinping in Beijing on Thursday, Putin emphasized the deepening cooperation between the two nations, particularly in trade relations.
Putin praised the strong foundation of mutual respect, good neighborliness, and mutual benefit that characterizes the relationship between Moscow and Beijing. Despite challenges such as the coronavirus pandemic and external efforts to constrain their development, Putin highlighted the steady growth in trade volume between Russia and China, attributing it in part to their joint decision to conduct transactions in rubles and yuan.
The Russian president revealed that an overwhelming 90 percent of all payments between the two countries are now made in their respective national currencies, signaling a significant departure from reliance on the United States dollar in bilateral trade. This shift has provided a powerful impetus to expand trade flows, with trade turnover between Russia and China surging by nearly 25 percent in 2023, reaching a total of USD227 billion.
Putin's remarks come amid his two-day state visit to China, marking his first foreign trip since his inauguration for a fifth term as president earlier this month. During the visit, Putin and Xi, along with senior officials from both nations, are expected to engage in discussions covering various aspects of bilateral relations, economic cooperation, and the international landscape, including developments related to the Ukraine conflict.
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