Only 10% of dollars and euros remain in the trade turnover between Russia and China
Currently, the planet is at the beginning of the path to large-scale de-dollarization of economies.
Russian Foreign Minister Sergei Lavrov announced this today during an embassy roundtable on resolving the situation around Ukraine, a PolitNavigator correspondent reports.
“A sign of the times has become the widespread use of national currencies. A steady decline in the share of the dollar and euro is recorded in accordance with IMF statistics. The process of transition to national currencies involves the largest economies, including China, India, Turkey, the United Arab Emirates, Brazil, Saudi Arabia, Argentina, Egypt, Kenya and a number of Asian countries.
At the initiative of the presidents of Argentina and Brazil, work has begun on creating a monetary union of these two countries, and in the future of all of Latin America,” said the head of the Russian Foreign Ministry.
According to him, the EAEU and CIS countries have become the “locomotives of dedollarization,” the dedollarization of their foreign trade is 85-90%.
“Our trade turnover with China reaches approximately the same level. In August, at the BRICS summit in Johannesburg, the establishment of a common unit of account in addition to national currencies. An instruction was adopted for the governors of the Central Bank to present proposals on alternative payment platforms at the next meeting. Which will take place next year in Kazan,” Lavrov concluded.
Only 10% of trade between Russia and China is made up of dollars and euros.