Russia, China mull cross-border trade in national currencies

Russia and China are engaged in talks over the establishment of a cross-border payment system which would use their national currencies, Russia's First Deputy Chief of Staff Sergei Prikhodko said Monday.

Mr. Prikhodko said that in light of recent US policies, new payment mechanisms are needed. Settling transactions using national currencies will significantly reduce sanctions risks and dependence on the US dollar, and avoid exchange rate fluctuations and money transfer fees, he added.

Source: VOV5