China is ready to increase the use of national currencies in trade with Russia

China will trade with Russia in national currencies, increasing the volume of their use, said Chinese Ambassador to Russia Zhang Hanhui. According to him, this will help overcome the difficulties that have arisen in cooperation between the two countries after the US imposed sanctions against Russia. At the same time, he noted that Russia and China have been using the national currency in bilateral trade for many years.

“Currently, the sanctions imposed by the US and other Western countries on Russia have caused some interference in business cooperation between Russia and China. The competent authorities of the two countries need to optimize coordination and interaction in order to solve all the difficulties associated with settlements in bilateral trade. China will continue to increase settlements in national currencies in trade with Russia. China is ready to make full use of the relevant financial infrastructure and financial institutions to ensure the stable development of bilateral trade,” he said in an interview. “RIA News”).

The ambassador also noted that the share of the yuan in bilateral trade settlements between China and Russia increased from 3.1% in 2014 to 17.9% in 2021. “The role of the national currency as a means of payment is gradually strengthening, reducing the currency risks of enterprises and saving exchange rate costs,” he said.

In March, the Chinese Foreign Ministry declaredthat Chinese business is going to use rubles or yuan more actively in trade with Russia.

Julia Abugalieva