The majority of cross-border transactions are already carried out in national currencies
© Getty Images / Igor Vershinsky
Trade between Russia and China has already reached record levels and should be supported by the further development of economic ties, Russian Finance Minister Anton Siluanov said on Wednesday.
Speaking to TASS at a business forum in Shanghai, Siluanov stated that bilateral trade is growing at an unprecedented pace and is on course to surpass a $200 billion target this year.
“If recently the figure of $200 billion seemed far off, this year we are likely to exceed it,” the official said.
Economic ties have been bolstered by the mutual decision to conduct the majority of transactions in national currencies instead of the US dollar. According to official data, 70% of cross-border settlements between Russia and China are already conducted in rubles and yuan.
“The participation of Chinese investors in the Russian stock market and the possibility of Russian investors to purchase Chinese bonds and assets without restrictions are on the agenda,” Siluanov said. He added that this would require a “depositary bridge” between financial institutions.
The volume of trade between Russia and China in January-March surged to around $52 billion, an increase of almost 25% compared to the same period last year.
READ MORE: Most Russia-China trade no longer involves dollar – Mishustin
During a recent visit to China, Russian Prime Minister Mikhail Mishustin suggested that in order to further boost economic cooperation, the two countries should focus on expanding transport routes, including air traffic, the Northern Sea Route, and pathways through Kazakhstan and Mongolia.
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