PBOC allowed circulation of the Russian ruble on a par with the Chinese yuan.
As for the decision of the regulator of China Suifenhe city, located near the Russian-Chinese border. Deputy head of the Chinese central bank's monetary policy Jin Mei said that this was made possible thanks to the successful cooperation between our countries in the economic sphere and replacement of the US dollar in bilateral trade.
It should be noted that Russia and China are policies for the transition to national currencies in mutual settlements and the gradual abandonment of the dollar. Also, work in this direction comes within the framework of the BRICS
Suifenhe plays an important role in the trade of Russia and China. Thus, the city accounted for 80% of exports from the province of Heilongjiang in our country.
BRICS ready to abandon the dollar and switch to settlements in national currencies.
This was reported by the deputy head of the Indian Foreign Minister Sujata Mehta. She noted that the issue had already been worked banks of Russia, China, India, Brazil and South Africa. Although the country is not yet fully ready to transition to the national currency, the preparation process is in full swing.
To make the rejection of the dollar painless, developed various mechanisms to provide liquidity in national currencies. In particular, we are talking about the provision of letters of credit in rubles, yuan, rupee, Real and Randy and some other measures.
It should be noted that in addition to Russia BRICS is working in this direction on their own.So, the question of mutual settlements in national currencies worked out today with China, Turkey, Vietnam, Thailand and some other countries. With China on this issue managed to advance furthest. For example, it has signed an agreement on currency swap, enabling businesses of the two countries to trade freely in rubles and yuan.