MOSCOW, September 10 (RIA Novosti) – China’s integration into the Eurasian Bank of Development is set to become a cooperation of two projects, the director of the Center for Strategic Issues of Northeast Asia and SCO said on Wednesday.
The step, part of geopolitical expansion of the non-American world, is set to become a matter of great importance for Russia, Sergei Luzyanin, the director of the Center for Strategic Issues of Northeast Asia and SCO said.
“One third of Russia-China trade turnover is to be put in rubles and yuans bypassing dollar, this is a huge step,” Luzyanin said at the International Information Agency Rossiya Segodnya press conference.
Chen Yu Zhu, a Chinese expert who heads the Russia department of the international relations institute, said: “The Development Bank of the SCO is for the internal SCO use, while the Eurasian Bank is aimed at a more international use. That is why the two do not exclude each other.”
In late July, Russian Foreign Minister Sergei Lavrov said Russia is considering the scheme of establishing the SCO Development Bank on the basis of the Eurasian Bank of Development, that is successfully operating in the region.
SCO is a Eurasian political, economic and military organization founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. Afghanistan, India, Iran, Mongolia and Pakistan are currently observer members.
