Subsequently, the two BRICS nations are currently working without the US dollar. Specifically, more than 70% of trade between China and Russia is settled in their own currencies, according to Russia’s Finance Minister, Anton Siluanov.
The Global Times reported Siluanov’s statements that the countries have utilized the Russian Ruble and Chinese Yuan for trade settlements at a rapid rate. Additionally, the utilization of local currencies in trade remains a priority for Russia and is “mutually beneficial” for both countries.
The report noted that trade volume between the two countries reached a record $190.27 billion in 2023. Moreover, that figure represents a 29.3% increase from a year prior. Conversely, the nations are not alone in hoping for the US dollar’s declining relevance. Brazil’s president had previously called for the BRICS nations to embrace the international currency replacement.
Russia and China may bring their trade in 2023 to $200 billion, Russian Prime Minister Mikhail Mishustin also said during the Russia-China forum in Shanghai on Tuesday.
Against the backdrop of Western economic pressure, Russia has continued to boost its cooperation with China, and this will strengthen the economies of both countries, the Prime Minister said.
MNA/PR