Russia-China de-dollarization almost complete – deputy PM
95% of trade between the countries is now settled in their national currencies, according to Andrey Belousov
RT
Western currencies have been almost completely phased out in Russia-China trade, as nearly all payments between the countries are now carried out in rubles and yuan, Russian First Deputy Prime Minister Andrey Belousov announced on Monday.
.
Since the introduction of Western sanctions on Moscow, Russia and China have accelerated the use of their own currencies in trade. According to Belousov, 95% of all transactions between Russia and China are now carried out in one of the countries’ national currencies, and given the rapid expansion of mutual trade and cooperation, this percentage is likely to grow.
Speaking at a meeting of the Russia-China intergovernmental commission in Beijing, the deputy prime minister said bilateral trade between the two countries will exceed the target of $200 billion this year, and may reach $300 billion by 2030.
He noted that China has long been among Russia’s major trade partners and that the scope of investment opportunities for the two countries is expanding.
“New joint investment projects are being launched in priority sectors such as the automotive industry, mining and gas chemical industries, agriculture, logistics, IT sector and others,” Belousov said.
Chinese companies have greatly benefited from the pullout of Western companies from the Russian market, as they have been actively filling the gaps and are eager to expand their presence in Russia further.
“The withdrawal of Western companies from Russia has created vast opportunities for Chinese partners to take part in Russia’s in oil and gas, petrochemical and car manufacturing enterprises, as well as companies producing consumer goods, glass products, and construction materials,” Belousov stated.
Russia has largely been supplying China with energy products, such as oil and gas, as well as refined products, agri-food, and industrial products. China has been exporting almost all types of goods, including food, equipment, mobile phones, electronics, engineering products, furniture, toys, textiles, clothing, and footwear.
************
Source
••••
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
••••
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
••••
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
••••
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.
Leave a Reply