There is no need for Russian and Chinese businesses to pay each other in dollars and euros, when they can settle in rubles and yuan, according to Zhou Liqun, chairman of the Union of Chinese Entrepreneurs in Russia.

China is growing increasingly concerned about holding huge dollar reserves.

China’s central bank is conducting research to issue the country’s own sovereign digital currency, a move in parallel with similar efforts ongoing in Russia, even as the government has doubled down on banning the use and exchange of bitcoin and other cryptocurrencies.

 

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