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China, Russia to use clearing bank in trade — Chinese Ambassador

Settlements in national currencies demonstrate advantages in trade operations

MOSCOW, May 5. /TASS/. China and Russia will use a clearing bank to support sustainable bilateral trade, China’s Ambassador to Russia Zhang Hanhui said in an interview with TASS.

"China will continue supporting further expansion of payments in national currencies in bilateral trade, investments and lending, full use of the potential of infrastructural organizations and financial institutions of both countries, including the clearing bank on transactions with China’s yuan in the territory of Russia, to support sustainable development of bilateral trade," the diplomat said.

Settlements in national currencies demonstrate advantages in trade operations, the Ambassador noted.

"National currencies of our countries are gradually strengthening their role as the payment instrument, and at the same time effectively contribute to mitigation of currency risks and reduction of costs when exchanging currencies for enterprises. Settlements in national currencies have obvious advantages in bilateral trade operations of China and Russia, and the demand for them on the side of enterprises of both countries is steadily growing," he added.

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