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DATE : Sunday 4 September 2016 - 13:39
NEWS ID : 902
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China Rises Against Dollar Too

Next month (October), the Chinese Yuan will be added to IMF international reserve currency list, and Russia and China are seeking to pave the way of trading with national currencies, so that they can discontinue to use Dollar for their bilateral transactions

China Rises Against Dollar Too

Caspian International News Agency– Yuan is gradually changing into an international currency in the world. Next October, Chinese Yuan is going to be added to the IMF international reserve currency list.

Yesterday, only one day left to the beginning of the Eastern Economic Forum in Russia, the economic council of China and Russia held a meeting to strengthen the relations between these two countries.

China and Russia have joined the Silk Road economic belt and the projects for creating its infrastructures. It is expected that Russia, along with other countries in the Eurasian Economic Union will be present in this project.

Andrew Ivanov, the trade finance secretary of Russia’s Sberbank, believes that in the projects for reviving the Silk Road, bilateral or multilateral exchanges between the countries should be based on their national currencies.

He added that China is improving its economic status in the world, and has increased its share in Russia’s trade from 11.4% to 13.5%.

On the other hand, China’s export structure is changing, and Russia is increasingly importing High-tech products from China, such as modern equipment and industrial machines.

Ivanov believes that China is progressing in the world finance sector too, and Yuan is changing to a true international currency.

According to Swift’s statistics, Yuan is now the third most widely used currency in the world, and it is supposed to be added to the the IMF international reserve currency list, in October. Yuan will be placed next to Pound, Euro, Dollar, and Yen as international reserve currencies.

 

(Translating by Negar Lotfi)


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