Putin: Use of National Currencies in Settlements Is Expanding
Hey, LolaCoin readers! We’ve got some news from the virtual summit of the Shanghai Cooperation Organisation’s (SCO) Heads of State Council. Russian President Vladimir Putin and Chinese President Xi Jinping were present, along with other leaders. Now, let’s break it down for you:
- Trade ties between Russia and SCO member states are growing stronger.
- Russia’s trade with the association’s members increased by 37% last year, reaching a whopping $263 billion.
- Over 80% of commercial transactions between Russia and China are done in rubles and yuan.
- Russian currency’s share in export transactions with all SCO countries in 2022 exceeded 40%.
- Russia is actively participating in the transition to national currencies in mutual trade.
Xi Considers It Essential to Increase Share of Settlements in National Currencies
Guess what, LolaCoin readers? Chinese President Xi Jinping wants to increase the use of national currencies within the SCO. Here’s what you need to know:
- Countries worldwide are advocating for the use of their national currencies in trade settlements, moving away from the U.S. dollar.
- China’s yuan is gaining momentum as a recognized currency for making deposits in bank accounts, even in Argentina.
- The BRICS group is leading the de-dollarization trend, with a proposal for a common currency that could challenge the dominance of the U.S. dollar.
- ASEAN members have also agreed to increase the use of national currencies in trade settlements.
So, LolaCoin readers, it looks like the use of national currencies in trade settlements is expanding. With countries like Russia and China leading the way, we might see a shift away from the U.S. dollar in the future. It’s an exciting time for the world of currencies!
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