Currency converter
^
News Feed
News Search Topics
ОК
Use filter
You can filter your feed,
by choosing only interesting
sections.
Loading

Russia, China may execute half of their trade in yuans and roubles

September 09, 2014, 18:20 UTC+3 ENT: ¶ Russia
“The potential (in case these restrictions are canceled) is colossal. I think that up to 50% of trade can be transferred to national currencies,” an official says
1 pages in this article
Russian Deputy Finance Minister Alexei Moiseyev

Russian Deputy Finance Minister Alexei Moiseyev

© ITAR-TASS

BEIJING, September 09. /ITAR-TASS/. Russia and China may execute up to a half of their trade in yuans and roubles in case China lifts restrictions on currency operations for Russian contractors, Russian Deputy Finance Minister Alexei Moiseyev told ITAR-TASS on Tuesday after the first session of the Russia-Chinese investment cooperation commission.

The use of yuans in settlements is hampered by restricted access to the market of “domestic” yuans, which can be used only in short-term trade operations. Due to these restrictions Russian banks cannot hold yuans earned from exporters for longer periods. In 2006, Russia lifted all restrictions on capital movements, thus making its rouble a convertible currency.

Moiseyev said that possible breaks had been discussed at the Beijing negotiations.

“The potential (in case these restrictions are canceled) is colossal. I think that up to 50% of trade can be transferred to national currencies,” he said. “I think it will be realistic in principle.”

In 2013, Russia’s trade with China reached $89 billion.

Moiseyev also said that China had a plan of the currency liberalization, so the two country’s transition to the use of national currencies in bilateral trade would depend on the implementation of this plan.

“We will try to push them to speed up but in the long run it will depend on how soon they realize their roadmap,” he said.

Yuan-rouble trading started at the Moscow and Shanghai Stock Exchanges in December 2010. In 2013, this trade grew by 3.5 times on the previous year to exceed $100 billion.

Show more
In other media
Реклама
Реклама