Russia, China abandoning dollar

Russia and China plan to use more actively rubles and yuan in mutual settlements, Russian President Vladimir Putin said at an Asia-Pacific Economic Co-operation summit in the Chinese capital on Monday.

“Within cooperation with that country (China) we plan to use national currencies more actively in settlements,” the Russian leader said, recalling that first deals are already paid in rubles and yuan.

Putin recalled that settlements in national currency are particularly planned in oil trade. “Our experts are studying such possibilities,” the Russian president said.

Payments in national currencies of such countries as China and Russia will allow influencing financial and energy markets, Russian President Vladimir Putin said at the APEC summit.

“Payments in national currencies between such partners as China and Russia — a very promising direction of our cooperation. It will allow broadening our possibilities in mutual trade and substantially influencing world financial and energy markets,” the president said.
On Sunday, Putin and Chinese counterpart Xi Jinping particularly discussed possible settlements in national currency.

The presidents of the two countries “focused on mutual settlements in yuan in different spheres, including such sensitive spheres as military-technical co-operation that will strengthen yuan as a reserve regional currency,” Russian presidential spokesman Dmitry Peskov said after the meeting of the two leaders.