Putin says Russia to allow bilateral trade in yuan
Source: Agencies |
November 24, 2010, Wednesday
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Print Edition
Print Edition
Prime Minister Vladimir Putin says Russia and China have agreed to increase the use of national currencies in bilateral trade.
After talks with Chinese Premier Wen Jiabao in Moscow yesterday, Putin said Russia will start allowing trading in yuan on Moscow's currency exchange next month.
China has just allowed the yuan to start trading against the Russian ruble in its interbank market.
Until now, the two nations have mostly traded in US dollars. China has encouraged the yuan's use for cross-border trade to reduce its reliance on the dollar.
Following the talks St Petersburg, Russia's state-controlled Atomstroiexport signed a contract to build another two reactors at China's Tianwan nuclear power plant in Jiangsu Province. The value wasn't disclosed.
During Wen's visit, Russia and China signed a total of 11 agreements, ranging from oil supplies and refining to intellectual property and border issues.
But Russia and China are unlikely to agree on the price of Russian gas supplies to China before the middle of next year, Russian Deputy Prime Minister Igor Sechin said.
"I think by next summer we will be able to discuss concrete parameters for a commercial contract," Sechin, who holds sway over Russia's energy sector, told reporters after a meeting with Chinese representatives.
"The work is ongoing according to plan. This plan calls for the signing of a concrete agreement, the review of a concrete proposal, approximately by the middle of next year."
Under a deal signed between Russia's Gazprom and China National Petroleum Corp in September, Gazprom will sell 30 billion cubic meters of gas per year to China from 2015.
After talks with Chinese Premier Wen Jiabao in Moscow yesterday, Putin said Russia will start allowing trading in yuan on Moscow's currency exchange next month.
China has just allowed the yuan to start trading against the Russian ruble in its interbank market.
Until now, the two nations have mostly traded in US dollars. China has encouraged the yuan's use for cross-border trade to reduce its reliance on the dollar.
Following the talks St Petersburg, Russia's state-controlled Atomstroiexport signed a contract to build another two reactors at China's Tianwan nuclear power plant in Jiangsu Province. The value wasn't disclosed.
During Wen's visit, Russia and China signed a total of 11 agreements, ranging from oil supplies and refining to intellectual property and border issues.
But Russia and China are unlikely to agree on the price of Russian gas supplies to China before the middle of next year, Russian Deputy Prime Minister Igor Sechin said.
"I think by next summer we will be able to discuss concrete parameters for a commercial contract," Sechin, who holds sway over Russia's energy sector, told reporters after a meeting with Chinese representatives.
"The work is ongoing according to plan. This plan calls for the signing of a concrete agreement, the review of a concrete proposal, approximately by the middle of next year."
Under a deal signed between Russia's Gazprom and China National Petroleum Corp in September, Gazprom will sell 30 billion cubic meters of gas per year to China from 2015.
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