Russia, China conduct 95 percent of trade in national currencies

BEIJING, Nov 24: Nearly all trade settlements between Russia and China are now conducted in their national currencies, significantly reducing dependence on the US dollar and helping shield both economies from sanctions pressures and currency volatility, Boris Titov, Russia’s presidential envoy for international organisations and co-chairman of the Russian-Chinese Committee for Friendship, Peace and Development, said on Monday. “An essential tool in resisting Western pressure is that today, 95 per cent of transactions between our countries are settled in national currencies,” Titov noted at the sixth Russian-Chinese Business Forum. He added that this shift has not only eased exposure to…