Zhu Chao, an associate professor at the School of Finance of the Capital University of Economics and Business, said at a video conference of the “Moscow-Beijing†video conference held by the Russian News Agency that Russia and China will expand their use of national currency in bilateral trade, including settlement with ***. Russia supplies oil to China.
Zhu Chao said: "China and Russia have a similar environment and have great potential for cooperation."
According to him, in the wake of a new wave of global financial crisis, in the face of increasing fluctuations in the U.S. dollar, Russia and China will step up efforts to achieve bilateral trade settlement in their own currencies. ""
He continues to say that it includes adding *** and rubles to the ** reserve, expanding the use of domestic currency in bilateral trade, and adopting *** to settle Russian oil supply to China.
Zhu Chao said that the low level of investment and reliance on international oil prices are problems faced by large developing countries including Russia and Brazil. Attracting more Chinese investment and technology will help these countries better withstand the negative effects of the global economy.
He added that China will impose restrictions on investment in reserves.
He concluded by saying: "First of all, China's ** reserve is too high. Second, China is even worried about making a reduction of US Treasury bonds because it may cause unpredictable responses from global markets."
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