Yuan Clearing Bank Opens in Moscow as Russia, China Dump Dollar in Bilateral Trade
NOVANEWS
Russia and China accelerate local currency cooperation
By Russia Insider
Moscow and Beijing took another step towards de-dollarization with the announcement of the opening of a renminbi clearing bank in Russia on Wednesday.
Local currency transactions were first used in both countries’ border regions. Today, more and more Chinese and Russian financial institutes and enterprises are using local currencies to invest and settle accounts, as the yuan-ruble trade platform is becoming more established and the transaction network is expanding amid deepening China-Russia economic and financial cooperation.
The yuan clearing bank in Moscow will greatly accelerate trade in local currencies:
Industrial and Commercial Bank of China (ICBC) officially started operating as a C...