Quartz: Putin is strengthening yuan’s role as Russia’s foreign currency of choice

(March 23): For his nation’s businesses in the global market, Russian President Vladimir Putin endorsed the yuan as the currency of choice on the second day of Chinese President Xi Jinping’s visit to Moscow, Quartz reported.

The two world leaders signed 14 economic agreements on March 21, covering everything from scientific cooperation to joint production of television programmes, as they look to counterbalance the US dollar’s worldwide dominance, it said.

In a joint statement, China and Russia said their alliance was not “confrontational in nature and…not directed against third countries.” The leaders also called for an “acceleration of the process of establishing a multipolar world order.”

Putin specifically mentioned the Chinese currency in the context of Russian investments in the developing world, Quartz reported.

“We are in favour of using the Chinese yuan for settlements between Russia and the countries of Asia, Africa, and Latin America,” Putin said. “I am confident that these forms of settlement in yuan will develop between Russian partners and their counterparts in third countries.”

Source: https://www.theedgemarkets.com/node/660377