Putin advocates for global adoption of Chinese yuan as it gains prominence in Russia.
April 04, 2023
Putin stresses the role of yuan and ruble in facilitating trade between Russia and China.
Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping.
“We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America": Putin
He believes these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries.
China’s trade with Russia hit a record high in 2022, growing by nearly a third amid Western sanctions against Moscow.
The yuan’s share in export settlements also surged, from 0.5 per cent to 16 per cent.
It also serves China’s long standing but mostly frustrated campaign to make the yuan a more prominent feature of global finance and commerce.