Russian Central Bank Deputy Governor: Russia and a strong impetus to bilateral trade in domestic currency settlement

The Deputy Governor of the Central Bank of Russia, and Russian Premiers Committee Finance Subcommittee to Russian President Victor · meljnikov 16 interview with Xinhua said that Russia and China bilateral trade to achieve their national currency for long-term efforts, effectively promoted mutual trade to achieve national currency settlement process.

Meljnikov said that in recent years, Russia and in financial cooperation reached a series of important consensus, that agreement was signed. The most interesting and most influential is the realization of the national currency (rubles or RMB) trade settlement agreement reached.

He said, allowing Russia to this long-term effort. A few years ago, the two sides began to Blago Blagoveshchensk and Black River border between experimental and introduced in their national currency, then gradually extended to the Russian side Primorsky region, Khabarovsk, Transbaikal Kray, Jewish Autonomous Oblast and Altay Prefecture, etc. At the same time, China's Heilongjiang, Jilin, Inner Mongolia, Xinjiang Uygur Autonomous Region and other places are starting to try out. Current problems are mainly concentrated in the legal and technical levels.

Meljnikov said, 2006 Russian Federal legislation for the implementation of a freely convertible currency rouble. China is in the summer, decided in more provinces and cities to try and foreign trade partners of RMB settlement. These legislative and policy of a strong impetus to bilateral trade to achieve national currency settlement process.

Meljnikov believes that Russia and the good cooperation in the financial field. As 2000 years in the Russian Government cooperation mechanisms set up under the leadership of financial cooperation, he considered that the two sides in the banking legislation and monetary policy, and other aspects of mutual understanding, the establishment of a permanent contact mechanism between banks, bilateral mutual trust level higher and higher.

According to meljnikov describes, in Beijing has 6 Russia Bank representative office. In the first quarter of next year, Russia saving Bank also opened representative office in Beijing. In addition to Shanghai with State holdings in Russia Foreign Trade Bank representative office. Corresponding to the export-import Bank and the China Development Bank in Moscow and St. Petersburg has a representative office, industrial and commercial bank and Bank of China branch in Moscow. To promote Russia's foreign trade, in the direction of Russia offers 45 billion u.s. dollars of funds.

The Group of twenty (G20) Seoul Summit on the international financial system reform, meljnikov said, in view of China in the Asia-Pacific region had an important role in the economy, the Renminbi has become an international reserve currency. At the same time, the ruble in CIS also has the potential to become a reserve currency.

Meljnikov said that the G20 Summit, the Russian delegation at various occasions more than once mention of Russia in the international monetary system and the future prospects of the common position, the possession of similar to Russia in the framework of the G20 to continue to expand mutual cooperation. He appreciated the Chinese side at the Summit period for the current international financial issues in position.

Meljnikov said, long, perfect international monetary system has been the general concern of the international community and discussion of important issues. "There's two major international reserve currency dollar and the euro is an international political and economic development has evolved out of a reality exists. But international reserve currency should not be a great group shots will demonstrate tools.