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Russia and China start using national currencies in bilateral trade

April 28, 2012, 23:16 UTC+3

The Kremlin earlier noted the dynamic development of cooperation between Russia and China

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MOSCOW, April 28 (Itar-Tass) —— Russia and China have started using their national currencies in bilateral trade.

“We have started making settlements in trade in the national currencies. The yuan is a convertible currency in Russia. And we are considering the possibility of creating a joint investment fund,” Chinese Vice Commerce Minister Zhong Shan said on Saturday, April 28.

Bilateral trade turnover between China and Russia had reached 79.2 billion U.S. dollars over the past year, and direct investments have amounted to 4 billion U.S. dollars.

Trade turnover between Russia and China “is the best evidence of the good state of and excellent prospects for our cooperation”, Chinese Prime Minister Wen Jiabao he said during his visit to Russia last year.

Wen expressed confidence that trade and economic cooperation between two countries would continue to develop successfully.

The Kremlin earlier noted the dynamic development of cooperation between Russia and China.

Speaking of cross-border cooperation, a Kremlin aide said there are different federal and regional commissions to deal with it. The main of them is Russian-Chinese border commission.

The total length of the border is about 4,300 kilometres, and it runs mainly along rivers.

He also commended ambitious bilateral humanitarian projects. The heads of state have agreed to exchange the Years of Tourism in 2012 in China and in 2013 in Russia. Five hundred schoolchildren from Russia spent their summer vacations in China last year at Hu's invitation. A second group will travel to China shortly.

Assessing the preliminary results of Vice Premier Li Keqiang's visit to Russia, a Chinese deputy foreign minister said it was “fruitful and successful”.

The sides “exchanged views on important bilateral and international issues. The visit has already played an important role in building strategic partnership with broad prospects,” the diplomat said.

He also said that the trip to Moscow aimed to prepare Russia’s new President Vladimir Putin’s visit to China ahead of the SCO summit.

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