November 24, Chinese Premier Wen Jiabao over access to Russia. During this visit, he met with Russia's President Medvedev and Prime Minister Vladimir Putin, and held its fifteenth-Russian Prime Minister to hold regular meetings. After the meeting, and Russia signed a total of 12 documents on cooperation, involving economic, trade, energy, aviation, intellectual property, railway transport, etc. In addition to the cooperation agreement, Premier Wen Jiabao and Putin also jointly announced in bilateral trade in local currency will be used for settlement. In the era after the financial crisis, in the "trade war" and "currency war" under the shadow of the modes of cooperation between China and Russia will produce what kind of demonstration effect? default currency renminbi and rubles will be settled on how to develop bilateral exchange mechanism? further expansion will speed up the process of internationalization of RMB? in this connection, the Huaxia times reporters interviewed Russia Academy of far East Institute Deputy Director Vladimir Nabokov · Borgo, the expectations from the old-Russian specialists find answers in the answer.
-Russian cooperation from
"Discussion" to "work"
The Huaxia times: you just concluded the XV-Russian Premiers results? for-Russia cooperation structure upgrade issues you is how to treat?
Polga Cove: since 1996, and Russian Prime Minister has held 15 meetings, Premiers-Russian cooperation has become a top of the pyramid. Through high-level meetings to exchange views on the issue of China and Russia have already become a tradition of both parties. The Sino-Russian Premiers are further deepening of this tradition. This area of cooperation between China and Russia extended to a broader scope of political and strategic cooperation, economic cooperation, cooperation in the humanities have been involved in three main areas. -Russian strategic partnership is to the full cooperation and comprehensive development level. The meeting, not only for the future framework of cooperation between China and Russia, and is set to previously signed in the framework of cooperation between China and Russia have also added the "flesh and blood". Russia's oil is transported to China, and China to Russia energy loans also continuously inject Russia energy enterprises. China Russia energy needs from simple import is being upgraded to the territory to invest in Russia, reprocessing and increase value-added more levels of cooperation. Sino-Russian cooperation is from a previous discussion turned to the work phase.
Response to "currency war"-example
The Huaxia times: during the Sino-Russian Premiers, there is a more compelling highlights, is launched in China and Russia bilateral trade settlement in the settlement currency, how do you think of this shift?
Polga Cove: start the local currency settlement is a Sino-Russian economic and trade cooperation framework to pragmatic from. As a first step, China's Central Bank has given the Renminbi exchange rate against rouble premium, December, Russia's Central Bank also will launch RMB to rubles of listed trading. Through bilateral currency settlement really can avoid some of the economic and trade settlement from third-party currency exchange loss, especially in the United States launched the QE2, US dollar long-term bearish, local currency settlement method for development in emerging economies reduce dollar loss offers a new way of thinking, start the local currency clearing and Russia has become the emerging economies coping "currency war" of a model. Trading partners of monetary cooperation in order to establish the new international monetary system provides useful attempt.
Local currency settlement mechanism of the process is too slow
The Huaxia times: in smooth start clearing facility, your default currency clearing and Russia on the future prospects of holding?
Polga Cove: in General, I am optimistic. Minimum default currency Clearing Facility to China and Russia-Russian trade and put up a new platform. On this platform, we have more choices. Platform for is critical, very basic work. After the platform structures, and Russia is also a need for more co-ordination mechanisms, such as a regulatory mechanism, the rebate mechanism. In addition, the continuous expansion of the Sino-Russian trade will also be the settlement mechanisms can proceed smoothly in the future. Currently, the two sides to take local currency settlement of interest are mainly concentrated in the border areas, and the enthusiasm of the purchase of ruble is far higher than the purchase of RMB. Affected by the above factors, the local currency facility and Russia will offset the slow process, but as the Sino-Russian economic and trade cooperation to strengthen that can resist the settlement risk bilateral currency clearing facility will have good prospects.
Local currency settlement soon
It is difficult to relate to the field of energy
The Huaxia times: as a Sino-Russian economic and trade in the share of the most important energy cooperation is likely to introduce local currency settlement mechanism?
Polga Cove: the present situation, in energy cooperation with the local currency settlement face greater difficulties. First, the dollar energy prices has become a customary pricing mechanism, it has its own formula, hedging principles have long been a familiar pattern in the market. These patterns and habits of change is very difficult to achieve in the short term; Secondly, the question comes from RMB itself. RMB is still is not freely convertible currency, such non-convertibility determines the currency cannot become Russia's foreign exchange reserves. If the RMB become-Russian energy currency, in Russia's domestic hard to digest so large amount of RMB; Finally, in the field of energy settlement currency using two of a kind, is the ruble or RMB? more extent depends on what kind of currency more liquid, more stability and clearing more convenient. Perhaps in future there will be a RMB and rubles in accordance with certain proportion appears in the energy situation in settlement mechanisms.
First solid regional currency
The Huaxia times: in your opinion, through the expansion of RMB and trading partner countries local currency settlement range, will speed up the process of internationalisation?
Polga Cove: expansion of renminbi and trading partner countries local currency settlement range really is renminbi internationalization. But not of RMB itself is currently restricts convertibility currency development constraints. Therefore the Renminbi internationalization continues to be a long-term process. Over the past few
Years, the RMB is not a global currency. But as China's economic growth, trade expansion, China has more than one trading partner countries signed the agreement on currency swap, these efforts will help regional currency, the Renminbi to become in the future must be developed into an international currency. But it should be noted that, in the currency of the internationalization process will lead to other currencies, it should be the current RMB focusing on solid regional currency.
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