Putin: 90% of Payments Between Russia and China Made in Rubles and Yuan as Trade Grows
© Sputnik / Sergey Bobylev
/ Subscribe
As part of the highly anticipated state visit of Russian President Vladimir Putin to China, the leaders of the two countries discussed an array of pressing bilateral and global issues, including the unprecedented high level of trade between the nations.
About 90% of all payments between Russia and China are made in rubles and yuan, and the joint decision to convert bilateral settlements into national currencies was well-timed and gave impetus to the expansion of trade flows, President Vladimir Putin said.
"Over the past five years, despite the effects of the pandemic and despite some actions aimed at curbing our [Russia and China's] development, some actions coming from third parties, the trade between Russia and China is growing and increasing at a steady rate. There's an impressive portfolio that includes 80 major joint investment projects across different fields," Vladimir Putin noted during talks with President Xi.
Putin added that it was a timely joint decision "to ensure the transfer of bilateral settlements into national currencies," which has given a powerful boost to enhancing trade flows.
"Today, 90% of all payments are made in rubles and yuan. In a private session, we have just discussed the directions in which we will further develop our relations, benefiting both the Russian and Chinese economies. I am sure that all planned measures will be implemented," the Russian leader underlined.
🇷🇺🇨🇳 Key statements by Vladimir Putin following Russian-Chinese talks
— Sputnik (@SputnikInt) May 16, 2024
🔸 Adopted joint statement sets out new large-scale tasks and long-term guidelines for the development of the entire range of Russian-Chinese relations.
🔸 Russia and China intend to continue efforts to… pic.twitter.com/oKwWwEeV6Z
