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Russia, China have reliable system for mutual transactions — deputy minister

The official added that the two states plan to boost trade turnover to 27 trillion rubles (almost $306 billion at the current exchange rate) by 2030

VLADIVOSTOK, September 4. /TASS/. The Russian-Chinese trade is backed by a reliable system for mutual transactions, despite unfriendly nations’ attempts to affect payment mechanisms, Russian Deputy Economic Development Minister Dmitry Volvach said on the sidelines of the Eastern Economic Forum (EEF).

"At this point, more than 90% of payments between our nations are already carried out in national currencies, namely the ruble and the yuan. I think that this tendency will continue, despite unfriendly nations’ attempts to affect our payment mechanism," he said.

"We secure our trade turnover with a reliable and stable system of mutual settlements," he continued.

The official added that the two states plan to boost trade turnover to 27 trillion rubles (almost $306 billion at the current exchange rate) by 2030.

"This is the task set by our leaders. The Russian-Chinese trade grew by 5% in the first half of 2024," Volvach said. "The growth will be even more significant by the end of the year.".

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