Russia, China Strengthen Financial Cooperation
(MENAFN) Russia and China now conduct 99.1% of their commercial transactions using their respective national currencies, according to Russian Finance Minister Anton Siluanov, who made the statement on Tuesday.
This development highlights the expanding financial partnership between the two nations as they continue to face restrictions from Western sanctions.
“If we talk about settlements, 99.1% are carried out in rubles and yuan,” Siluanov said during an interview with a broadcaster, confirming figures that were previously shared by Russian Deputy Prime Minister Alexander Novak.
While speaking at the opening session of the 11th Russia-China Financial Dialogue in Beijing, Siluanov emphasized that Moscow and Beijing must “maintain the stability of bilateral financial infrastructure” and work on creating new payment systems that can sustain mutual commerce and investment.
“It is essential to create favorable conditions for business and provide a clear and accessible payment mechanism for citizens of Russia and China,” he continued, highlighting that such measures would foster the expansion of cultural, scientific, and tourism relations between the two nations.
Siluanov pointed out that both countries’ economic frameworks had shown remarkable endurance “even under Western pressure,” stating that their collaboration had evolved into “a key stabilizing factor during this period of global transformation.”
Chinese Finance Minister Lan Fo’an, who jointly chaired the session, urged for tighter alignment in macroeconomic policies and enhanced partnership in financial supervision, accounting practices, and taxation systems.
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