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Russia and China establishing interaction of financial messaging systems outside SWIFT

Trade turnover between the two countries soared by more than 40% in first two months of this year

MOSCOW, March 16. /TASS/. The Bank of Russia and the People's Bank of China are working to integrate the Russian and Chinese financial messaging systems, bypassing the global interbank payment system SWIFT, Chairman of the State Duma’s (lower house) Financial Markets Committee Anatoly Aksakov told a press conference on Wednesday.

"To lift the risks related to servicing this (between Russia and China - TASS) economic turnover, it is necessary to establish interaction between Russia’s System for Transfer of Financial Messages and the Chinese one. I know that this work is underway. The Russian Central Bank is cooperating with the People’s Bank of China. And I expect the current situation to speed up respective processes," he said. Trade turnover between the two countries soared by more than 40% in first two months of this year, Aksakov said, adding that this process will continue.

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