Beijing’s envoy to Moscow that the Chinese and Russian central banks will discuss the use and promotion of their respective national payment systems in both countries.
Zhang Hanhui says regarding the promotion and use of the Mir and China UnionPay national payment systems in both countries, this question will be decided by the two sides’ central banks at consultations.
The ambassador says China would make use of a clearing bank for operations in yuan on Russian territory to ensure the sustainable development of national trade, which Russia expects to reach $200 billion by 2024.
He also said that China and Russia were not advocating for the rejection of U.S. dollar and euro settlements in bilateral trade.