Russia, China conduct over 99% of trade in national currencies, says official
Finance ministers highlight stable cooperation, call for stronger financial infrastructure and citizen-level payment systems
ISTANBUL
Russia and China now carry out 99.1% of their trade settlements in national currencies, Russian Finance Minister Anton Siluanov said Tuesday, underscoring the countries’ deepening financial integration amid Western sanctions.
“If we talk about settlements, 99.1% are carried out in rubles and yuan,” Siluanov told the Rossiya-1 television channel, confirming a similar figure previously mentioned by Russian Deputy Prime Minister Alexander Novak.
Speaking at the opening of the 11th Russia-China Financial Dialogue in Beijing, Siluanov said Moscow and Beijing must “maintain the stability of bilateral financial infrastructure” and develop new payment channels to support mutual trade and investment.
“It is essential to create favorable conditions for business and provide a clear and accessible payment mechanism for citizens of Russia and China,” he added, noting that this would promote cultural, scientific, and tourism exchanges.
Siluanov emphasized that the two countries’ economic systems had proven their resilience “even under Western pressure,” adding that their cooperation had become “a key stabilizing factor during this period of global transformation.”
Chinese Finance Minister Lan Fo’an, who co-chaired the meeting, called for stronger coordination in macroeconomic policy and deeper cooperation in financial regulation, accounting, and taxation.
“Both China and Russia are constructive forces in maintaining global strategic stability and improving global governance,” Lan said, cited by Russian state-run Tass news agency.
The 11th Russia-China Financial Dialogue took place in Beijing as the two sides continue expanding trade in local currencies and seek new mechanisms to reduce dependence on Western financial systems.
