Russia, China settling 95% of payments in own currencies
Russia and China are settling 95% of payments between them with their own currencies, Russian Ambassador to China Igor Morgulov said in an interview today with Sputnik.
In March-April of 2024, a slight decline was observed in bilateral Russian-Chinese trade. In particular, in March, for the first time since 2022, the total export of goods from China to Russia decreased year-on-year. Many attributed this to the difficulty of mutual settlements.
"As for the problem of settlements, let's not forget that today they are already 95% carried out in rubles and yuan, that is, without the participation of third-country currencies," Morgulov said.
Trade between China and Russia increased by 26.3% to a record $240.11 billion last year.
Russian and Chinese leaders, Vladimir Putin and Xi Jinping, previously set the goal of doubling trade from $100 billion a year in 2018 to $200 billion by 2024, a figure that was reached in November 2023. Russia and China celebrate the 75th anniversary of the establishment of diplomatic relations on October 2. The Soviet Union became the first country to recognize the People's Republic of China the day after its proclamation.
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