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Russia, China to develop branch network of their banks

The two countries also agreed "to keep the achieved high level of the share of payments in national currencies in bilateral trade, investments, lending, and other trade and economic operations"

MOSCOW, August 22. /TASS/. Russia and China will develop and reinforce the infrastructure for mutual settlements, including through establishment of foreign branches of the banks and opening of correspondent accounts.

The two parties also intend to keep the high level of national currencies in trade, according to the joint communique of Russian Prime Minister Mikhail Mishustin and China’s Prime Minister Li Qiang in conclusion of the 29th regular meeting held in Moscow.

"To ensure smooth and normal functioning of payment channels in trade," Moscow and Beijing agreed "to strengthen and develop the payment and settlement infrastructure, including by means of opening correspondent accounts and establishing branches and subsidiary banks in two countries," as indicated in the document posted on the website of the Russian government. Plans are "to create comfortable conditions in the payment sphere" for tourists, the communique indicates.

The two countries also agreed "to keep the achieved high level of the share of payments in national currencies in bilateral trade, investments, lending, and other trade and economic operations." It reached 95%, Mishustin and Li said at their meeting on Wednesday.

The parties plan to broaden cooperation in banking and insurance business and audit on market principles, facilitate investments and raise funds through securities’ floating, the communique reads. Moscow and Beijing plan to strengthen interaction in international institutions to counter money laundering and terrorism financing.

Russia and China highlight machine-building, transport and logistics, agriculture, chemical, light and mining industry, energy sector, innovations, tourism and sport among priority areas for investment cooperation. The two countries will prepare a register of interregional investment projects to be kept by responsible agencies.

Moscow and Beijing will also continue negotiations on updating the agreement on promotion and mutual protection of capital investment. The parties plan to complete them with signing of documents by the end of the year.

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