HONG KONG, October 23. /TASS/. The share of the ruble and yuan in settlements between Russia and China has reached nearly 100%, while bilateral trade continues to grow steadily, Russian Deputy Finance Minister Ivan Chebeskov, who headed the Russian delegation at the APEC Finance Ministers’ Meeting held in Hong Kong, said in an interview with TASS.
"We meet regularly with our Chinese partners and discuss all issues on our agenda. I would like to point out that the share of national currencies in our settlements with China has already reached almost 100%. Therefore, increasing the use of national currencies in settlements is no longer a pressing issue on our agenda. The mechanisms are working, the partnership is developing, and trade is taking place," the deputy minister said. "We understand that maintaining bilateral trade and the volumes of trade between our countries requires a stable financial infrastructure connecting the two countries’ banking systems. This financial infrastructure has been established and is functioning," he noted.
Chebeskov also pointed out that "all payment mechanisms have already been established, and the ability to use them is also ensured at the legislative level. This has been our key objective since sanctions were first introduced. Everything businesses need is already operational," he added.
The deputy minister recalled that a new law regulating cryptocurrencies had recently entered into force in Russia. "Some further adjustments to the regulation of Russian stablecoins may be necessary. Otherwise, our regulatory framework is generally in place and functioning. Therefore, the introduction of any new mechanisms is not under discussion," Chebeskov said.
"We are, of course, ready to participate in existing international systems. In some cases, we are holding negotiations, while in others, certain restrictions remain. However, there are no infrastructure-related or legislative restrictions on our country’s part," the deputy minister stressed.
Around 500 participants, including delegations from 21 APEC economies, among them Russia, attended the bloc’s Finance Ministers’ Meeting in Hong Kong on October 20-21. This year’s meeting focused on fiscal policies to support households, financing digital infrastructure, ensuring equal access to financial opportunities, and promoting dialogue among young finance professionals within APEC.