BEIJING, Nov 24: Nearly all trade settlements between Russia and China are now conducted in their national currencies, significantly reducing dependence on the US dollar and helping shield both economies from sanctions pressures and currency volatility, Boris Titov, Russia’s presidential envoy for international organisations and co-chairman of the Russian-Chinese Committee for Friendship, Peace and Development, said on Monday.
“An essential tool in resisting Western pressure is that today, 95 per cent of transactions between our countries are settled in national currencies,” Titov noted at the sixth Russian-Chinese Business Forum.
He added that this shift has not only eased exposure to sanctions risks but also stabilised bilateral trade by minimising the impact of currency fluctuations.
Adding further, he said, “This forms a solid foundation for further deepening cooperation, especially amid global instability.”
The sixth Russian-Chinese Business Forum, held from November 23 to 25 in the Chinese city of Xi’an, brings together around 500 business and government representatives. The event is organised by the Russian-Chinese Committee for Friendship, Peace and Development with support from the People’s Government of Shaanxi Province of China.
(UNI)
Follow our WhatsApp channel
