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Chinese, Russian cenbanks to discuss use of national payment systems

Forex May 05, 2022 04:52PM ET
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2/2 © Reuters. FILE PHOTO: People wearing face masks walk past the headquarters of Chinese central bank People's Bank of China (PBOC), April 4, 2020. REUTERS/Tingshu Wang 2/2

(Reuters) - The Chinese and Russian central banks will discuss the use and promotion of their respective national payment systems in both countries, Beijing's envoy to Moscow told the TASS news agency in an interview published on Thursday.

"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," Zhang Hanhui said.

Mir and UnionPay are among the few options left for Russians to make payments abroad since Russian banks were isolated from the global financial system in response to what Moscow calls its "special military operation" in Ukraine.

Visa Inc (NYSE:V) and MasterCard Inc are among the many Western companies to have suspended operations in Russia.

China has refused to condemn Russia's actions in Ukraine and has criticized the unprecedented Western sanctions on Moscow. The two countries have bolstered ties in recent years, including announcing a "no limits" partnership in February.

The ambassador said 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.

Chinese, Russian cenbanks to discuss use of national payment systems
 

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Comments (5)
Ahuja Ramesh
Ahuja Ramesh May 05, 2022 7:45PM ET
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USA has highest debt, this debt will not be sustainable,if $ is not reserve currency any more... sanctions will make countries shun $
Bryan Ojeda
Bryan Ojeda May 05, 2022 6:21PM ET
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Never imagined https://investing.com was so full of communists. Being on this site is kind of an oxymoron for you guys dont you think?
Limin Tandiono
Limin Tandiono May 05, 2022 6:21PM ET
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Bryan..This is not abouy communist or democracy. This is about doing the right things whether u are communist or democracy. Even a best system can be manipulated by bad leaders.
Millennial Stacker
Millennial Stacker May 05, 2022 4:54PM ET
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Goodbye fiat dollar. World is tired of it.
CYRIL AFIABOH
CYRIL AFIABOH May 05, 2022 4:54PM ET
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you're saying rubbish. rouble is no where
Honey Badger
Honey Badger May 05, 2022 3:24PM ET
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Go back to gold standard and get rid off fake money and no more globalization it has been weaponized against others
Limin Tandiono
Limin Tandiono May 05, 2022 11:25AM ET
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This is the result of year-long suppression and bullying of US to China, since the Trump era.
 
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