World Blog by humble servant.
Russia & China preparing to ditch dollar for national currencies in trade – top official.Russia’s Ministry of Economic Development said on Thursday that Moscow and Beijing are working on an inter-governmental agreement to boost the use of the ruble and yuan in mutual trade settlements. “The document is currently being prepared, the process is not easy,” said Deputy Minister of Russia’s Economic Development Sergey Gorkov, as quoted by TASS. “Russia and China have had some experience of using national currencies in bilateral trade.” Gorkov added that Russia and China have been successfully implementing the terms of ruble-yuan currency swap agreement, clinched in 2014 to boost trade using national currencies and eliminate dependence on the dollar and the euro. The deal was extended at the end of 2017. Read more © Kim Kyung-HoonRussia plans to boost trade with China to $200bn by 2024 The deputy minister didn’t provide information about when the new document will be signed. Tr...