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Beijing backs Moscow's initiative to expand settlements in national currencies — Kremlin

Currently, they already account for more than 20% of the bilateral trade, Dmitry Peskov noted

MOSCOW, February 4. /TASS/. During talks with Chinese President Xi Jinping in Beijing on Friday, Russian President Vladimir Putin raised the issue of expanding settlements in national currencies, this initiative was met with understanding, Kremlin spokesman Dmitry Peskov told reporters.

"Our President was speaking [about the issue], and this proposal to expand the practice of settlements in national currencies was met with understanding. Currently, they already account for more than 20% of the bilateral trade," he said.

According to the Kremlin official, although this is still a modest figure, it indicates significant progress. "Considering the unpredictability of the country issuing the dollar, of course, we need to expand this practice, and the understanding is there," he said.

According to the Kremlin spokesman, China ranks eighth among investors in the Russian economy.

"Nevertheless, the potential, of course, is far from being equal to the capabilities of our countries," the Russian leader's spokesman complained.

"In terms of investments, the parties spoke about additional capitalization of a joint Russian-Chinese investment fund. From our side, it is represented by the Russian Direct Investment Fund, from the Chinese - the China Investment Corporation. Over the ten years of its operation, this fund has already invested more than 80% of its funds, and it is necessary that both the Russian and Chinese parties ensured additional financing of this very effective platform," Peskov added.

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