Experts described a possible mechanism for settlements in the currencies of the BRICS countries

Russia and China should, as soon as possible, create an independent and efficient financial infrastructure serving investments and trade operations not only in rubles and yuan, but also in the currencies of the SCO and BRICS countries. This was stated by VEB.RF Chairman Igor Shuvalov at the Russian-Chinese business forum in Shanghai. According to him, the deepening of trade, economic and investment cooperation is impossible without this. “We, being members of the SCO interbank association, have repeatedly raised the issue of deepening this topic and developing the topic of mutual settlements in national currencies,” he said.

The current trade turnover between the two countries of $200 billion is not the limit, Shuvalov noted. Trade and economic cooperation between Russia and China will only increase, he added. “And we, together with the State Development Bank of China (GBRK), will deepen the coordination of our actions along this path,” the head of the state corporation said.