BOAO, March 31. /TASS/. Payments denominated in rubles and yuan will enable boosting the efficiency of Sino-Russian trade and mitigate financial risks stemming from the unilateral pressure exerted by the US, Qian Feng, senior researcher at Taihe University, told TASS on Friday.

"If payments in national currencies are used, it will be possible to avoid fluctuations in exchange rates and forex-related costs, simplify transaction execution processes and procedures, and boost the ease and efficiency of trade," Qian said.

China and Russia have expedited the process of substituting yuan and rubles for the dollar in mutual settlements in order to reduce dependence on the US currency and mitigate risks, the expert noted. "Such measures are a rational response to the actions of the US; it’s an inevitable struggle with dollar hegemony," he added.

Substitution of the dollar with national currencies will lower risks related to exchange rate fluctuations as well as exposure to restrictive measures imposed by individual countries, Qian said. "Since the US holds the dominant position in the global financial system, it can intensify pressure and meddle in the affairs of other countries via currency manipulation, sanctions and asset freezes," the researcher noted.

In the current situation, China and Russia may "experience financial persecution and sanctions by the United States to a certain degree," the expert stated. "Executing settlements in national currencies will enable China and Russia to avoid such risks to a certain extent, [thereby] ensuring their own economic security," he added.