BOAO /China/, March 31. /TASS/. Expanding mutual settlements in rubles and yuan between China and Russia, as well as establishing analogues to the US payment system in the face of growing unilateral US sanctions, makes sense not only for Beijing and Moscow, but also for many other developing countries, Deputy Director of the National School of Development at Peking University Huang Yiping told TASS.
"I believe that this issue [mutual settlements in national currencies between China and Russia] makes sense in light of major changes in the international monetary system. After all, individual sovereign states use what we previously considered a global financial product, such as the US dollar, bank payment system as a weapon to impose sanctions on other states," he said at the Boao Forum for Asia in Hainan.
In the current situation, he believes that some developing nations "may already be considering whether they should seek other options [than the dollar]." At the same time, the expert noted that it would be "extremely difficult" to completely replace the dollar system or create its analog in the near future.
"As far as I can tell, there is a strong desire to try this [settlements in national currencies] in Chinese-Russian cooperation, as well as with other developing countries," he concluded.