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Chinese firms ready for trade in rubles, yuans — Russian minister

June 03, 2014, 14:49 UTC+3 BEIJING

Chinese companies are ready to invest in Russia’s Far East infrastructural projects, he adds

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© ITAR-TASS/Alexander Ryumin

BEIJING, June 03. /ITAR-TASS/. Chinese companies are ready for transactions with Russia in rubles and yuans, the Finance Ministry quoted its head Anton Siluanov in its Twitter account.

“The start of transactions in the national currencies must give an impulse to a further development of economic cooperation between Russia and China,” he said.

Siluanov also said that Chinese companies are ready to invest in Russia’s Far East infrastructural projects.


Russian-Chinese raiting agency

Russia and China will also create a joint rating agency, Anton Siluanov said.

The agency would apply conventional instruments and criteria to the evaluation of national and regional investment projects, he added.

Moscow and Beijing hope the agency will be beyond politics and give “purely economic” estimates, Siluanov said.

“First, it will evaluate projects and investments pursued under the Russian-Chinese cooperation and with participation of some Asian countries,” Siluanov said. As the agency “gains weight and respect”, it will be able to reach the international level.

Siluanov did not specify if the agency would be a new organization or based on the Universal Credit Rating Group. The latter was announced by the Chinese Dadong rating agency as a joint venture with the US Egan-Jones Ratings and the Russian RusRating.


Technical co-operation memorandum

Russian and Chinese state finance officials will partner in developing specialist techniques across a range of common activity, Russia's Finance Ministry said on Tuesday.

Russia’s Federal Treasury and China’s Finance Ministry Treasury Department will work together under the terms of a newly signed technical co-operation memorandum.

Partnership will cover issues of liquidity management, Treasury Single Accounting, budgeting, public finance management information and human resources, the Russian ministry press service said.

The two nations’ finance authorities would exchange experience during visits, seminars and conferences, share departmental print publications, guidance papers and texts of regulatory acts, the announcement said.

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