As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam. Putin expressed that using national currencies for international trading “should be encouraged further.”

Currently, two-thirds of the commercial exchanges made between Russia and China are managed using national currencies, and according to Putin, this should be developed further, with a deeper level of integration between the banking and market institutions in both countries.