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Share of cross-border settlements between Russia, China in national currencies hits 92%

Russia intends to develop "together with friends and neighbors" and it will stick to this approach regarding the Global South countries, Alexey Overchuk said

BOAO /China/, March 27. /TASS/. The share of mutual settlements in national currencies in the area of cross-border Sino-Russian trade has reached 92%, Russian Deputy Prime Minister Alexey Overchuk said.

"Regarding trade cooperation with the People’s Republic of China, the share of Sino-Russian cross-border trade in national currencies has reached 92%," he said at the Boao Forum for Asia, which is taking place on China’s Hainan island. "We saw how weaponizing of the American dollar led to instability and uncertainty, which no country can put up with. It was their [the US’] decision, but we could not sit and wait to see what will happen," Overchuk added.

Russia intends to develop "together with friends and neighbors" and it will stick to this approach regarding the Global South countries, the official said. He also noted an active exchange of experience in the region, confirming the readiness of the Russian side for cooperation for the sake of common economic development and political stability.

The Boao Forum, established by the Chinese government in 2001, has been held since 2002. The platform brings together about 30 nations from the Asia-Pacific region. This year’s forum themed "Asia and the World: Common Challenges, Shared Responsibilities" is taking place on March 26-29. The Russian side is represented by Overchuk, who is accompanied by Russian Ambassador to Beijing Igor Morgulov.

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