Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Moscow, March 31 /Xinhua/ — BRICS and Shanghai Cooperation Organization (SCO) member states are actively promoting the use of national currencies in trade exchanges. This has become a key, systemically important factor in the development of trade and economic relations today. Russian Deputy Foreign Minister Andrei Rudenko told the Izvestia Multimedia Information Center on Tuesday.
"The use of national currencies in mutual settlements is being recognized as a key, system-forming factor in the development of trade and economic relations today. This trend is objective in the context of ongoing turbulence in global politics and economics. Therefore, it is not surprising that BRICS and SCO member states are actively implementing the use of national currencies in trade exchanges. Today, over 90 percent of settlements between Russia and SCO member states are conducted in national currencies," said A. Rudenko.
According to him, the Russian side is also paying special attention to the development of an independent payment, settlement, and depository infrastructure within the SCO and the creation of a bank for joint investment projects. "Work is underway to create an SCO Development Bank that is resilient to fluctuations in the external environment," the diplomat noted.
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