China proposes broadening use of Yuan for trade with Russia: report | Reuters.
(Reuters) – China’s trade minister proposed more use of China’s currency in settling trade with Russia in the face of a falling rouble to ensure safe and reliable trade, Hong Kong broadcaster Phoenix TV reported on Saturday.
The rouble has fallen about 45 percent against the dollar this year, and suffered particularly steep falls early last week. President Vladimir Putin has declined to call it a crisis and said it would eventually rise again.
Chinese Minister of Commerce Gao Hucheng said the use of China’s yuan, or renminbi, has been increasing for several years but western sanctions on Russia had made the trend more prominent, Phoenix TV said on its website news.ifeng.com.
Gao said China and Russia were capable of achieving this year’s trade target of $100 billion. Last year, trade between the two gained 1.1 percent at $89.2 billion, according to Chinese customs figures.
