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RUSSIA AND CHINA ARE GOING TO REFUSE FROM USD IN RECIPROCAL PAYMENTS

Russia and China will most likely partially not use USD in reciprocal payments. Half of country’s trade turnover is planned to be transited on Rubles and Yuan, said Deputy Minister of Finance Alexey Moiseev. It will happen when China cut off the restrictions on currency operations for Russian contractors.

 

It is worth to mention that restrictions on internal Yuan market access are on the way to use Yuan in payments. It is possible to use it only for trade operations temporarily. It doesn’t allow Russian banks to hold Yuan, received from exporters, for a long time.

 

Last month Central Bank of Russia and People’s Bank of China agreed on agreement draft about swops in national currencies. Agreement will provide unlimited access to Yuan by Russian companies, which conduct business with Chinese partners. And Chinese will be able to pay directly in RUB. It will allow to increase cross country turnover.