As part of the talks that Russian President Vladimir Putin and Chinese President Xi Jinping are currently holding in Russia, Russia has pledged to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa and the LATAM. Putin expressed that the use of national currencies in international trade “should be further encouraged”.
Russia expresses support for the use of the Chinese yuan in international settlements
Russian President Vladimir Putin has made statements supporting the replacement of the US dollar as the currency for settling international payments. Within the framework of Chinese President Xi Jinping’s visit to Russia, Putin expressed his positive opinion on the use of the Chinese yuan as a form of payment in bilateral trade, especially with emerging economies. The Tass news agency quoted Putin as saying:
WE SUPPORT THE USE OF THE CHINESE YUAN IN PAYMENTS BETWEEN RUSSIA AND COUNTRIES IN ASIA, AFRICA AND LATIN AMERICA.
Currently, two-thirds of trade exchanges between Russia and China are conducted using national currencies, and according to Putin, this should be developed further, with a deeper level of integration between the banking and market institutions of both countries.