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Over 90% Russia-China Settlements Carried Out in National Currencies - Russia's Siluanov

19 August 2024

MOSCOW, (Sputnik) - Russia-China settlements in national currencies now represent over 90% of bilateral transactions, Russian Finance Minister Anton Siluanov said on Monday, adding that a new record high is expected this year.

Siluanov and Chinese Finance Minister Lan Fo'an are holding the 10th meeting of the Russian-Chinese Financial Dialogue in Moscow.

"It is important that we have switched to settlements in national currencies. More than 90% of payments are made in rubles and yuan," Siluanov said at the meeting.

The minister forecast that Russia and China would be able to set a new record high in mutual trade by late 2024 based on January-July data.

The trade between China and Russia in January-July 2024 increased by 1.6% year-on-year and reached $136.67 billion.