Thursday, October 16, 2014
China and Russia ink currency deal to double their $100B trade
The central banks of China and Russia inked an agreement on a yuan-ruble interchange that is expected to double trade between the two countries by 2020.
The three-year swap deal is worth $24.5 billion and is one of 38 agreements spanning energy, technology and finance concluded at a meeting in Moscow between Prime Minister Dmitry Medvedev and China's Premier Li Keqiang.
China is Russia's largest trading partner, topping $89 billion last year according to Russian customs data. Medvedev said that should increase to $100 billion in 2015 and ultimately reach $200 billion in 2020.
The yuan-ruble trade on the Moscow Exchange has jumped 10-fold this year to $939 million in September, though still only a fraction of the $374 billion in dollar-for-ruble sales.
Russia, facing strict sanctions from the U.S. and European Union over aggression in the Ukraine, is trying to diversify funding sources and move away from dollar-dominated global settlements.
For more of the Bloomberg story: bloomberg.com
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