Vladimir Putin, speaking alongside his Chinese counterparts Xi Jinping, stated that Russia is prepared to boost the use of the yuan in its international trade.
In agreements between Russia and nations in Latin America, Asia, & Africa, we support the use of the Chinese yuan. These yuan payment formats will undoubtedly be establish between Russian associates & their foreign equivalents “Putin saying.
According to the Russian President, the yuan & the ruble (Currency) make up 2/3 of the present trade between Beijing & Moscow
In spite of Western sanctions against Moscow. China’s commerce with Russia reached a historic high in 2022, expanding by almost a 3rd.
Bilateral trade will likely surpass 200 billion dollar in 2023.
According to the most recent data from the Bank of Russia. The yuan has grown to be a significant participant in Moscow’s international trade, with its proportion of import settlements in the nation rising from 4 percent in Jan 2022 to 23 percent by the end of the previous year.
The yuan’s proportion in export agreements also increased, from 0.5 percent to 16 percent. It is important to promote this approach and increase the joint existence of banking and financial institutions on our nations’ marketplaces ” Vladimir Putin continued.