China, Russia Double Trade Transactions in National Currencies

© Sputnik / Alexandr Demyanchuk / Go to the mediabankRubles and yuans
Rubles and yuans - Sputnik International
Moscow and Beijing have doubled the amount of trade operations made in their national currencies in the past year, Russian Economic Development Minister Alexei Ulyukayev said Tuesday.

A picture taken on September 4, 2015 shows Chinese tourists as they have their photo taken in front of Church of the Savior on Blood  in central St. Petersburg. Drawn by its Communist past and a visa-free regime, Chinese tourists are flocking to Russia in droves as it develops new routes touting red tourism - Sputnik International
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BEIJING (Sputnik) — The Russian minister noted that this trend was a positive development.

In late 2014, Moscow and Beijing reached a three-year agreement on currency swaps worth more than $2.4 billion. The Russian ruble became the 11th currency in the yuan swaps trading.

"The monitoring indicates that we have increased this amount [of operations] multi-fold, although the starting point was small. However, in a year we doubled the volume of trade transactions and the share of bilateral trade processed in the national currency," Ulyukayev told reporters after a meeting on trade and economic cooperation.

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