Trade Between China And Russia: The Proportion Of RMB Buying Textiles, Shoes And Other Products Accounts For A Large Proportion.

Russian media said that the dollar in the Sino Russian trade settlement is gradually turning into an extra third currency, giving way to the local currency, and the growth of mutual settlement between the ruble and the RMB in the two countries' border trade is more obvious.

According to Russian satellite network reported in May 15th, the first quarter of 2016, Russia Foreign trade banks account for 82% of the RMB and rouble settlement in Amur. This is the news of the Information Office of the bank. In contrast, the domestic currency settlement in the same period of 2015 accounted for only 30% of the total trade volume between partners.

Judging from the absolute number, sino-russian trade The RMB settlement amount of the partners is 585 billion 600 million yuan (equivalent to 8 million 980 thousand US dollars). The ruble was converted into $430 thousand in dollars. These figures show that the renminbi is more popular than the rouble.

Yulia Dishenko pointed out that in the current circumstances, this is entirely logical.

What commodities are settled in local currency? According to Yulia Ji Shenke, head of the foreign trade bank's office in Bago de von cswk, Chinese buyers use Renminbi to purchase soybeans and sawn timber from Russian customers in the bank. Russia Company buys machinery, accessories, textiles, and other goods in Renminbi. shoes Chemical products and agricultural products. Russian exports of rouble mainly come from candy products, machine tools and equipment.

Chinese partners tend to prefer Renminbi when settling accounts, and avoid the cost of changing currencies. Considering the huge fluctuation of the rouble exchange rate, the Russia Company is also a good option to use the renminbi as an income currency because the renminbi is more stable. Moreover, in the recent two years, the renminbi, like the US dollar, has become very strong relative to the ruble.