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VEB CEO urges to speed up creation of financial infrastructure across SCO

It is noted that the deepening of trade and economic cooperation is hardly possible without the creation of a brand new payment infrastructure

SHANGHAI, May 23. /TASS/. Russia and China should speed up the creation of an efficient system of payments in rubles, yuan and the currencies of SCO (Shanghai Cooperation Organization) and BRICS member states, CEO of the Russian state development corporation VEB.RF Igor Shuvalov said on Tuesday.

The expansion of the use of national currencies will allow increasing trade turnover between those nations, according to Shuvalov.

"Trade, as well as trade and economic cooperation overall, between the Russian Federation and China will only rise and expand. And we together with CDB, China Development Bank, will deepen our cooperation, the coordination of our actions on this path," he said at a Russian-Chinese Business Forum in Shanghai, adding that such efforts could be made through VEB, CDB and other financial institutions of the SCO and BRICS.

The deepening of trade and economic cooperation is hardly possible without the creation of a brand new payment infrastructure, Shuvalov noted. "The creation of cutting-edge infrastructure is our economies’ debt. We urge the government of the Russian Federation and our Chinese partners to act as actively as possible. An independent and efficient infrastructure of payments is necessary not only for ensuring the ‘ruble/yuan’ pair, but also for carrying out the most serious transactions in SCO and BRICS currencies," he stressed.

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