Share of national currencies in settlements between the Russian Federation and the People's Republic of China exceeded 80%, said Georgy Zinoviev, director of the 1st Asian Department of the Russian Foreign Ministry, in an interview with RIA Novosti.
According to him, this gives reason to say that the de-dollarization of China's trade and Russia has already taken place.
At the beginning of last year, the share of national currencies in mutual trade was about 25%. Zinoviev also noted that trading in the ruble/yuan pair has already exceeded the volume of trading in the US dollar.
The diplomat pointed out that participants in foreign economic activity are abandoning the currencies of Western countries. He also announced ongoing work on new investment projects worth more than $160 billion.
As noted by the Telegram channel of the Russian-Asian Union of Industrialists and Entrepreneurs, there will be fewer and fewer currencies of unfriendly states in Russian-Chinese trade. Trade turnover between Russia and China in January-August 2023 amounted to $155.1 billion (+32% year on year), that is, more than $120 billion of payments were made in rubles and yuan.