China and Russia decide to ditch US dollar In commercial transactions

China and Russia have decided to ditch the US currency in their trade accounts after the two countries agreed to develop bilateral trade using the ruble and the yuan, Russian press reported.

The agreement was signed by the Russian Minister of Finance, Anton Siluanov, and the Chinese side by Yi Gang, The Governor of the People's Bank of China (PBOC) , according to Russia today.

Russian newspaper "Izvestiya" reported Quoting officials of the Russian government that the agreement was signed between the two sides earlier this month, the letter said that this step aims to enhance the economic security of both countries.

Izvestia added That the two countries are now working to organize Payment channels Between Chinese and Russian companies. These channels will be a link between the Russian and Chinese payment systems

Russian ruble share is expected to rise In trade transactions between the two countries from 10% currently to 50% in the coming years as well as the newspaper pointed out that Moscow and Beijing Plan to use the Russian ruble and the yuan in contracts signed between them in US dollars.

Trade between Russia and China last year exceeded 100 billion dollars, of which 56 billion dollars is Russia's exports to China in exchange for imports worth 52 billion dollars.

Beijing and Moscow have close trade and economic ties and both countries seek to promote trade

Between them to reach the level of 200 billion dollars annually in the coming years.