(MENAFN) Moscow and Beijing have shifted nearly all bilateral commerce to their domestic currencies, with Russian Finance Minister Anton Siluanov revealing Tuesday that national denominations now account for 99.1% of trade settlements between the two powers.

"If we talk about settlements, 99.1% are carried out in rubles and yuan," Siluanov told a television channel, confirming a similar figure previously mentioned by Russian Deputy Prime Minister Alexander Novak.

The revelation came as Siluanov addressed the 11th Russia-China Financial Dialogue in Beijing, where he stressed the imperative for both nations to "maintain the stability of bilateral financial infrastructure" and establish alternative payment corridors to facilitate reciprocal commerce and capital flows.

"It is essential to create favorable conditions for business and provide a clear and accessible payment mechanism for citizens of Russia and China," he added, noting that this would promote cultural, scientific, and tourism exchanges.

The finance chief highlighted how both economies have demonstrated resilience "even under Western pressure," characterizing their partnership as "a key stabilizing factor during this period of global transformation."

Chinese Finance Minister Lan Fo'an, who jointly led the discussions, advocated for enhanced synchronization of macroeconomic strategies alongside expanded collaboration in financial oversight, accounting standards, and tax policy.

"Both China and Russia are constructive forces in maintaining global strategic stability and improving global governance," Lan said, cited by a Russian state-run news agency.

The 11th Russia-China Financial Dialogue took place in Beijing as the two sides continue expanding trade in local currencies and seek new mechanisms to reduce dependence on Western financial systems.

MENAFN04112025000045017169ID1110292212