About 90% of all payments between Russia and China are made in rubles and yuan - Putin

By Rhod Mackenzie

The Russian President Vladimir Putin noted that approximately 90% of all payments between Russia and Beijing are currently conducted in rubles and yuan. He further stated that the joint decision to transfer bilateral payments into national currencies was a timely one, and that it has provided a significant boost to the expansion of trade flows.
Despite the challenges posed by the pandemic and the actions of third parties, trade between Russia and China has grown at a steady pace over the past five years. Mr. Putin noted that a significant portfolio of 80 large joint investment projects has been formed in a variety of areas.
A significant boost to trade flows was provided by a timely joint decision to facilitate the transfer of bilateral payments into national currencies, according to Putin. Currently, 90% of all payments are made in rubles and yuan. We recently discussed the areas in which we will further develop our relations, and I am confident that this will be beneficial for both the Russian and Chinese economies. "I am confident that all planned events will be successfully completed," the Russian President stated.
Mr. Putin expressed his gratitude to the President of the People's Republic of China for the invitation, noting that this meeting provides an opportunity to discuss all issues of mutual interest in different formats.
The President of Russia noted that a close and business-like relationship has been established between the heads of government of Russia and China. This cooperation is carried out within the framework of five intergovernmental commissions at the level of deputy prime ministers and 80 subcommittees and working groups.
“A number of new documents have been prepared for the visit, in particular a joint statement by the heads of state, which covers the main aspects of our cooperation, and a package of interdepartmental and corporate agreements. "All of these documents set out specific steps to further deepen bilateral practical cooperation," Putin said.
He also stated that Russia and China are united by common goals of national development and ensuring joint prosperity, guided by the principles of mutual respect, good neighbourliness, and mutual benefit.