Russian Central Bank Deputy Chairman Viktor Melnikov said on Thursday: “This agreement allows for settlements through Russian and Chinese banks not only in the freely convertible currencies but also in the yuan and the rubles”. Russia and China have also agreed to boost bilateral trade from $60 billiion in 2010 to $100 billion by 2015 and to $200 billion by 2020, Melnikov added.
People’s Bank of China Deputy Chairman Ma Delun said the agreement would give the two nations the opportunity to increase the value of deals in their national currencies and “help bring them closer to international reserve currencies.” The deal will also help Russia and China reduce foreign exchange risks and currency conversion costs, Ma Delun and Melnikov said.
Source: www.freshplaza.com