Russia and China agree to settle more trade in their own currencies

Section:

By Chen Aizhu
Reuters
Tuesday, September 9, 2014

BEIJING -- Russia and China pledged on Tuesday to settle more bilateral trade in ruble and yuan and to enhance cooperation between banks, First Deputy Prime Minister Igor Shuvalov said, as Moscow seeks to cushion the effects of Western economic sanctions.

Shuvalov told reporters in Beijing that he had agreed on an economic cooperation pact with Chinese Vice Premier Zhang Gaoli that included boosting use of the ruble and yuan for trade transactions.

The pact also lets Russian banks set up accounts with Chinese banks, and makes provisions for Russian companies to seek loans from Chinese firms. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/09/09/us-china-russia-idUSKBN0H40X02...



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