Analysts at ING Bank explained that Their key observation in the case of Russia-China trade relations is the role of local currencies is somewhat higher than for Russia-non-CIS but much lower than for Russia-CIS.
Key Quotes:
“This could be seen as an important indicator of the prospects for de-dollarization of Russia’s international trade.”
“The political will and the financial infrastructure indeed sets the stage for a higher role of national currencies in the bilateral trade, yet in order to achieve stronger results, more diversification of the product mix on both the export and import sides is needed.”
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