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Russia and China ramp up efforts to move away from US dollar

Russia and China ramp up efforts to move away from US dollar

The number of settlements in the US dollar will be less. Russia and China have finally refused the currency in bilateral trade. An intergovernmental agreement has been signed by Russian Finance Minister Anton Siluanov and Chairman of the People’s Bank of China Yi Gan. The document has entered into force. As a mechanism for cross-border payments in national currencies, the two sides proposed to create a payment gateway between the Russian and Chinese domestic alternatives to the traditional payment system. In addition to the main purpose of the project, this will help to “test out” their national payment systems that have been recently developed. This mechanism is set to be implemented by next year. First of all, major companies with state participation from the traditional sectors of Russian exports will switch to the new system of mutual settlements. In other words, from sales of natural resources, Russia will receive the yuan rather than the US dollar. However, the questions remain as to how profitable this agreement is and what financial losses are expected due to the account exchange rate differences. Besides, what are Moscow and Beijing going to do with the unstable yuan? The list is long. Nevertheless, the only conclusion is that the sides are up for anything to abandon the US dollar. Notably, official figures indicated that the value of trade in goods and services between Russia and China in 2018 amounted to $114.2 billion, whereas only goods accounted for $108.3 billion. However, the difference in the list of imported goods is quite noticeable. According to customs data, China supplies Russia with cell phones, computers, clothes, shoes, and toys. The lion's share of Russian exports to China is commodities which are likely to fall in price due to settlements in yuan.

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