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Russia & China sign $10bn fund to ease ruble-yuan settlements

Staff Writer | July 5, 2017
The Russian Direct Investment Fund and the China Development Bank (CDB) have agreed to establish a Russian-Chinese investment fund worth 68 billion yuan ($10 billion).
yuan
Currency   Local currencies for bilateral trade
The agreement was signed at a meeting between Russian President Vladimir Putin and Chinese President Xi Jinping, who is in Russia on an official visit.

The new fund, to be called the Russia-China RMB Cooperation Fund, was created to make settlements in ruble and yuan. Both Moscow and Beijing have repeatedly talked about the importance of payments in local currencies for bilateral trade.

The money will be used on infrastructure projects in Russia and China. Particularly to projects linked to One Belt One Road (the 21st-century Maritime Silk Road) scheme and the Eurasian Economic Union.


 

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