Ruble-yuan settlements to fuel Russia-China trade boom — minister

Deeper trade ties are on the horizon in cross-border settlements financed by Russian rubles and China's yuan, Deputy Foreign Minister Igor Morgulov told Chinese state news agency Xinhua.

Deeper trade ties are on the horizon in cross-border settlements financed by Russian rubles and China's yuan, Deputy Foreign Minister Igor Morgulov told Chinese state news agency Xinhua.

“Cooperation between Russia and China in 2014 has seen breakthroughs in numerous spheres despite global economic and political unrest,” Morgulov said in the news service report.

“Official estimates have shown that bilateral trade volumes in 2014 could exceed $90 billion,” the diplomat was quoted as saying, recalling that the countries’ leaders had pledged to raise volumes to $100 billion in 2015 and $200 billion in 2020. “We are more than confident of reaching the goals,” he said.

Partnership in financial transactions, aircraft manufacturing, space and high technology had gained momentum in the past year, the report said, adding that the two countries had already broadened the scale of local currency settlement.

“China is not only a major strategic partner for Russia in the economy, but also in politics,” the diplomat said, noting Russia’s interest in strengthening practical cooperation with China in multiple areas of mutual benefit.

Developing inter-regional partnerships, deepening cross-border cooperation and improved transport infrastructure were major challenges facing the two nations, the report added.

First published by TASS.

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