Asia (bbabo.net), - There is no need to be afraid of the "yuanization" of the Russian economy, on the contrary, it is better to expand settlements with China in national currencies, such cooperation will reduce the transaction costs of participants in foreign economic activity. This was stated by the head of the State Duma Committee on Property, Land and Property Relations Sergei Gavrilov.
“The use of our own national currencies, the ruble and yuan, when making payments will simplify mutual settlements between our countries and reduce transaction costs for participants in foreign economic activity. The issues of limited transfers and settlements in yuan, the use of the “investment” yuan both in Russia and on the territory of other friendly countries remain unresolved,” Gavrilov said NEWS.ru.
The expert explained that the restrictions relate to the possibility of using funds in yuan by Russian banks that have successfully operating branches in China. Gavrilov did not rule out that the People's Bank of the People's Republic of China would meet halfway by providing financial institutions of the Russian Federation with an appropriate license with access to its internal payment system.
“This is a serious basis for a broad dialogue between the heads, governments, banking and business communities of Russia and China. I hope that within the framework of cooperation with the Central Committee of the Communist Party of China, we will find understanding on the issue of the widespread use of the yuan as a reserve currency, because now, as we see, the possibilities of national currencies are limited,” Gavrilov added.
Earlier, Mikhail Shulgin, head of the global research department at Otkritie Investments Bank, said that an international reserve currency based on the basket of currencies of the BRICS countries, which is under development, could become a replacement for the dollar. The main trend of the Russian foreign exchange market under the new conditions will be the declining role of the US dollar and the euro, with the growing role of the currencies of friendly countries and the ruble. The new currency, according to the economist, could help avoid the risks that certain currencies of the BRICS countries are exposed to.
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