RussiaFeed
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(RT) – The volume of trade between Russia and China is growing and has already reached $61.6 billion in the first nine months of 2017, according to Russian President Vladimir Putin.
“Growth is visible and sound. I am confident we will reach $66 billion this year and will continue increasing the turnover,”Putin said at a meeting with China’s Prime Minister Li Keqiang.
According to the Russian President, Moscow and Beijing established strong links “which fully corresponds to the level of our strategic partnership.”
RT on Twitter: “#China-#Russia trade to grow to $200bn – PM Medvedev https://t.co/80bcvym8t6 pic.twitter.com/OYvmFu4zBQ / Twitter”
China-#Russia trade to grow to $200bn – PM Medvedev https://t.co/80bcvym8t6 pic.twitter.com/OYvmFu4zBQ
The two countries have set a goal to boost trade to $80 billion by 2018 and $200 billion by 2020. Prime Minister Dmitry Medvedev said preferential trade rules are being considered, which would increase the use of national currencies in settlements.
In 2014, the Russian and Chinese central banks signed a three-year ruble-yuan currency swap deal worth up to $25 billion, aimed at boosting trade and lessen dependence on the US dollar and euro.
RT on Twitter: “Ruble-yuan trade between Russia & China makes dollar share shrink https://t.co/iNPOxjOcHa pic.twitter.com/qHWRv8jyUY / Twitter”
Ruble-yuan trade between Russia & China makes dollar share shrink https://t.co/iNPOxjOcHa pic.twitter.com/qHWRv8jyUY
Russia’s largest lender, Sberbank became the first bank in the country to start issuing credit guarantees denominated in Chinese yuan. Moscow and Beijing plan to extend the swap deal and are looking to increase the use of domestic currencies in trade.
In May, the countries established a Russian-Chinese investment fund worth 68 billion yuan (over $10 billion) to develop trade, economic investment, and scientific cooperation.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
