Settlements between Moscow and Beijing are already carried out mostly in national currencies, the Russian president says © China Photos/Getty Images
Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said on Tuesday during talks with his Chinese counterpart Xi Jinping, who is in Moscow on a three-day official visit.
“We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America. I am sure that these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries,” Putin said.
Two thirds of current trade between Moscow and Beijing is carried out in national currencies – the yuan and the ruble, the Russian president noted.
China’s trade with Russia hit a record high in 2022, growing by nearly a third amid Western sanctions against Moscow. Bilateral trade is on pace to hit over $200 billion this year.
The latest data from the Bank of Russia shows the yuan has become a major player in Russia’s foreign trade, with its share in the country’s import settlements jumping to 23% by the end of last year from only 4% in January 2022. The yuan’s share in export settlements also surged, from 0.5% to 16%.
“It is important that national currencies are increasingly used in mutual trade. This practice should be further encouraged, and the mutual presence of financial and banking structures in the markets of our countries should be expanded,” Putin added.
Meanwhile, the share of the US dollar and euro in Russia’s export settlements last year dropped substantially, from 65% in January 2022 to 46% in December.
In February, the Chinese currency overtook the dollar as the most traded currency on the Russian stock market for the first time ever, according to data from the Moscow Exchange.
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Russia bans SWIFT
Banks have been ordered to use the country’s domestic financial messaging systems for transactions
Information on such transactions will now need to be transmitted through the Bank of Russia’s own banking systems, services of third-party Russian companies, or through the Bank of Russia’s own financial messaging system, SPFS.
The SPFS was created by the regulator in 2018 as a substitute for SWIFT on the domestic market. While its coverage is still much smaller than that of SWIFT – which boasts 11,000 financial organizations globally – the spread of SPFS has been gaining momentum in recent months. In February, the Russian Central Bank announced that SPFS now has 469 participants, including 115 foreign entities from 14 nations.
https://www.rt.com/business/573298-russia-bans-swift-use/
Ruh ro.
The Chinese believe they are “The children of The Dragon”.
The way the world keeps giving them the key to the candy store, I can believe it.
They say the meek will inherit the earth well most Chinese are very docile until provoked.
Just as long as Vladimir Vladimirovich can purchase/trade in his yuan for gold; a fool he is not.
and please never forget that the pResident did this to us; it rests on his head. Who’s been advising him? The man’s never had the sort of intelligence to make these kinds of decisions? Who (what group) is the puppeteer?
0bama is pulling Buyden’s strings, but there are far more powerful people pulling 0bama’s strings
Captain Poopy pants did this ? Maybe so but I think some members of the tribe are making him dance.
buh bye petro dollar
It will be gone before Joey leaves the WH
Indonesia to ditch Visa and Mastercard
Jakarta wants to reduce its dependence on foreign payment systems, citing sanctions on Russia.
The Bank of Indonesia is preparing to phase out Visa and Mastercard while introducing its own domestic payment system, Antara news agency reported on Monday, citing the regulator.
Last week, Indonesian President Joko Widodo urged regional authorities to wean themselves away from foreign payment systems and start using cards issued by local banks. He argued that Indonesia needed to shield itself from geopolitical disruptions, citing the sanctions targeting Russia’s financial sector from the US, EU, and their allies over the conflict in Ukraine.
https://www.azerbaycan24.com/en/indonesia-to-ditch-visa-and-mastercard/
Always liked Keiser. When he became a little agitated, he reminded me a bit of Gilbert Gottfried.
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BRICS+ will destroy the WEF puss countries without firing a shot. Our luciferians know this and need a war to save themselves.
Eurasian Integration Including Iran Proceeds Despite US “Maximum Pressure” Campaign
Tehran detente deal could be a major win for not only the Middle East but also larger projects seeking more integration of greater Eurasia. If the deal is implemented, China’s Belt and Road Initiative could become a key component of the economic futures of both Saudi Arabia and Iran. The rapprochement could also pay dividends for the International North-South Transport Corridor (INSTC) project, which runs from St. Petersburg to Mumbai in India via Azerbaijan (or the Caspian Sea) and Iran and across the Arabian Sea. The “sanction-proof” corridor connects the Indian subcontinent with Russia without needing to go through Europe while simultaneously being 30 percent cheaper and 40 percent shorter than the existing routes…
Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said March 15 that Saudi investments into Iran could happen “very quickly” following the agreement to restore diplomatic ties. He added that he does not see any impediment as long as the terms of agreements are respected by Tehran.
Any Saudi economic dealing with Iran would undercut US sanctions imposed to pressure Tehran, if not violating them outright. With tens of billion of dollars in Iranian assets blocked worldwide, the prospect of Saudi investments could jumpstart the INSTC and help maintain the peace between Riyadh and Tehran…
But should diplomatic and economic relations between GCC members and Iran continue to improve, it could spell the end to US efforts to apply “maximum pressure” on Tehran and another nail in the coffin of US influence in the region. It would also cement Iran’s position as key nexus in new global trade routes like China’s BRI and the INSTC.
The US, by trying to put maximum economic pressure on Iran and Russia, hinting that China is next, and the ill-fated oil price cap, has only helped drive the integration of Russia, China, Iran, Saudi Arabia, and more.
US is in position of UK just before WW II. After the coming war US will decline only faster than UK did.
So funny I had a bunch of Chinese currency in the early 1980s .When I went to the currency in Manhattan they told me they didn’t buy communist currency ,how long till they say that about the USSA Jew buck.