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90% of Russia-China transactions in national currencies – Putin

The decision to switch mostly to rubles and yuan was “timely” and has led to a strong boost in trade, the president says

By RT International

The vast majority of transactions between Russia and China are now carried out in national currencies, bypassing the US dollar, President Vladimir Putin has said.

Speaking at a meeting with his Chinese counterpart, Xi Jinping, in Beijing on Thursday, Putin heaped praise on the deep level of cooperation between the two powers, especially in trade.

Relations between Moscow and Beijing are based on “the principles of mutual respect, good neighborliness, and mutual benefit,” Putin said. He added that despite the coronavirus pandemic and “some actions aimed at constraining our development” by third countries, the volume of trade is steadily increasing, as both countries have built a solid investment portfolio in various fields.

“A powerful impetus to expand our trade flows was given by our timely joint decision to ensure that transactions are conducted in national currencies. As of today, 90% of all payments are made in rubles and yuan,” the Russian president said.

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