US dollar still dominates as previously in trade links between Chinese and Russian companies


June 13, Fineko/abc.az. Russia and China decided to launch a range of projects to get rid finally of the monopoly of the US dollar.

The relevant statement was made by Chinese Prime Minister Xi Jinping during his visit to Russia.

He underlined that according to the agreement, in the future they will try to trade with each other more in national currencies: "Our countries’ banks will use direct correspondent accounts to provide maximum support to this process. But currently Russia does not use Chinese currency Yuan in sufficient quantities, so in Russia the monopoly of the US dollar is not under threat. There's only one thing that bothers us. Despite all efforts, the US currency still dominates in trade relationships between Chinese and Russian companies. According to various estimates, the use of the US currency reaches 75-80% in the trade turnover of the two countries. In the near future, maximum steps will be taken to eliminate this problem."