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Media: Russia and China took another step to the currency alliance against the dollar

The opening of the Bank of Russia in the capital of China's first overseas office was another step in the creation of the currency alliance between Moscow and Beijing, which should weaken the role of the US dollar in the global financial system, writes in Friday's South China Morning Post.

The gala opening of the office of the event, which took place the day before, the Russian ambassador was attended March 16, in China, Andrey Denisov, the deputy chairman of the Central Bank of the Russian Federation Dmitry Skobelkin, deputy chairman of the People's Bank of China (PBOC) and Gan.

As deputy chairman of the CBR said office will act as the operational office, which will solve the problems of cooperation between the countries.

"This is a tool, which is designed to protect the interests of banks and financial institutions entering the Chinese market, and will make Russia more attractive for Chinese investors", - stressed Skobelkin.

The Deputy Chairman of the CBR also said that the Bank of Russia and the People's Bank of China will soon sign a memorandum on the exchange trade in gold.

"The Chinese side confirmed its interest to sign such a document in the near future, - he said -. Today almost ready memorandum on this issue, and soon we will arrive at the implementation level in the near future it will be signed.".

As the Chinese newspaper, the opening of the office of the Central Bank of the Russian Federation has become part of a broad agreement on strengthening economic ties between Russia and China on the background of Western sanctions against Moscow. The publication notes that one of the next steps in this direction will be the deployment of Russian government bonds in yuan. Regulators Moscow and Beijing have also agreed that in May this year in the financial markets of the two countries will nomirovannye bonds in yuan and rubles, which is seen by many as an attempt to "overthrow" the dollar, the newspaper notes.

Earlier it was reported that the issue with the release of Russian bonds in yuan in the Chinese market is delayed due to regulation particularly in China, which is struggling with the outflow of capital. Beijing urged Russia to sell the so-called panda bonds, or securities in RMB, which are placed on the domestic market of the PRC. But for Russia, this accommodation option does not work, the director of the Finance Ministry's debt department, Konstantin Vyshkovsky in an interview with Bloomberg.

A source: Expert Online

Tags: China, Russia, Economy, Research

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