Socio-Economics History Blog

Socio-Economics & History Commentary

Russia, China Start Trading in Local Currencies!

  • Published on Dec 30, 2014
    The two countries will now use ruble and yuan in their transactions. The agreement signed in late October came into force as of Monday. The deal provides a currency swap of 150 billion yuan which is equal to nearly 25 billion dollars. The accord is valid for 3 years, and can be extended. Moscow and Beijing have long been looking for ways to cut the dollar’s role in international trade, and speed up trade between the two countries. The value of trade between Russia and China is nearly 90 billion dollars annually and is expected to reach 200 billion dollars in the next six years.



December 31, 2014 - Posted by | Economics, GeoPolitics | , , , , , ,

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