80% of commercial transactions between China and Russia are made in rubles and yuan

More than 80% of commercial transactions between China and Russia are carried out in rubles and yuan. This was stated by Vladimir Putin in his speech at today's SCO summit. According to him, now the further establishment of the payment infrastructure is of particular importance.

Vladimir Putin specifically emphasized that the share of the Russian currency in trade transactions with the SCO countries exceeded 40%, and noted the growing role of the Shanghai Cooperation Organization in solving world problems.

The Shanghai Cooperation Organization is playing an increasingly important role in international affairs and is firmly committed to building a just and multipolar order.

- Said the President of the Russian Federation.

According to Vladimir Putin, now much attention should be paid to the implementation of the SCO economic development strategy until 2030. In addition, the president said that Russia supports Iran's entry into the SCO, and noted that the Russian Federation confidently opposes and will oppose sanctions and restrictions.

The Russian people are consolidated as never before, this was shown by the attempted rebellion

- Vladimir Putin emphasized.

According to the President, the degradation of the international security system is currently continuing. In addition, the Russian leader noted the risks of an increase in the promotion of a new global economic crisis. The reason for this, according to Vladimir Putin, is the uncontrolled accumulation of debts by developed countries.
  • Photos used: pixabay.com
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  1. Vladimir80 Offline Vladimir80
    Vladimir80 4 July 2023 15: 26
    what fairy tales! if it were so, the ruble would not fall against the dollar by 20% in a month
  2. Jacques sekavar Offline Jacques sekavar
    Jacques sekavar (Jacques Sekavar) 4 July 2023 18: 58
    Renminbi has a limited circulation in world trade associated with state regulation of the exchange rate and is approximately 3-5%, which is incomparable to the dollar. Based on this, not every manufacturer of machine tools and equipment, other means of production will agree to deal with renminbi instead of dollars.
    The expansion of payments in national banknotes makes the Russian Federation dependent on dollarization to yuanization - nothing fundamentally changes from a change of places and does not add independence to the Russian Federation - leading industrial concerns are focused on the US and the EU, and under the threat of secondary sanctions do not risk developing trade with the Russian Federation, excluding commodity transactions .
    The main reason for the expansion of trade in national banknotes is the need to make the digital renminbi the currency of international settlements equivalent to the dollar, and for this it is expanding its sphere of influence by expanding trade in national banknotes.