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The yuan and the ruble “zadruzhil” against the dollar

Юань и рубль «задружили» против доллара

Russia and China are preparing for the transition to settlements in national currencies. The corresponding agreement will be signed before the end of 2018, told reporters the head of VNESHECONOMBANK Igor Shuvalov.

“Russia already has its own channel, the Chinese have their own channel. You just have to negotiate how we will communicate using these channels and other forms to carry out these calculations,” he said following Russian-Chinese intergovernmental negotiations. The head of VEB added that it is clear how to work this scheme.

Meanwhile, Prime Minister Dmitry Medvedev, who is on an official visit to China, noted that relations between Russia and China does not depend on the economic and political environment, based on mutual respect and interests of the other.

“This creates a basis for the development of trade-economic and investment ties, for the expansion of mutual settlements in national currencies,” he said. The Prime Minister thinks is right and to continue increasing the volumes of mutual crediting in yuan and rubles, “referring to the loans that are for investment projects”.

Dmitry Medvedev also reminded that China is now the largest trade and investment partner of Russia.

“This year we will reach $ 100 billion trade turnover, even 10-12 years ago seemed fantastic. And now we are already talking about the other borders — the possibilities of $ 200 billion trade turnover,” he said during the 23rd summit of heads of governments of Russia and China.

During a briefing on the visit of the head of the government of the Russian Federation noted that China is known for its export capacity, however, is huge and very capacious market open to products from different countries. According to Dmitry Medvedev, the two countries agreed on cooperation in the sphere of high technologies, including space and energy.

The day before, Russia and China signed the project contracts for the construction of new units of Tianwan NPP and demonstration of nuclear fast reactor CFR600.

The Prime Minister also noted that Russia, as one of the leading agricultural countries, there are proposals in the food sector. According to him, gradually removed restrictions on the import to China of Russian meat and dairy products.

“In China began to actively consume dairy products, it was not before. Consume a lot of meat products. Therefore, the opening of these segments is very important. I want to emphasize, we are talking about what they involve regional suppliers taking into account the fact that there are sanitary and epidemiological requirements, and we chose the principle of regionalization in order to increase the supply of our agricultural products to the Chinese market”, — he explained.

He said another important area is the supply of soybeans, which is very popular in China. The country imports annually 95 million tons, of which about one third were from the United States.

“Given the trade problems that have arisen in relations between these countries, frankly, protectionist course which now are the United States of America against China and a number of other countries, European countries and our country, too, a certain portion of the soy segment is freed. We agreed with our Chinese partners about how to more actively present in this segment,” he said.

According to the Russian Prime Minister, it gives the opportunity not only to increase the supply, but also to increase soybean production in Russia, primarily in the far East.

Actively developing military-technical cooperation between the two countries. So, at the International aerospace exhibition Airshow China in 2018, which is taking place these days in Zhuhai, stands 14 main Russian company — the largest Russian developers and manufacturers of products for the air force, air defense forces and space.

According to the head of Rosoboronexport Alexander Mikheev, the participation in the exhibition will give an additional impetus to the positive trend of Russian-Chinese relations in the sphere of military-technical cooperation.

“Today, our strategic partnership is unique: China became the first buyer of the world’s best air defense systems s-400, and a modern su-35. In addition, we are increasing the cooperation in joint high-tech development. Very glad that any attempt of interference by third countries in relations between our countries have not had the expected effect them and correctly perceived by the Chinese side as an element of unfair competition,” he said.

The head of the delegation of Rostec Viktor Kladov said:

“We are in active cooperation with China in all environments for military-technical cooperation — earth, air and water. In addition to the successful implementation of two contracts for s-400 and su-35 we have lots of other projects. I would not want to go into details, but I will say that we have recently signed three contracts with the Chinese side”.

And earlier the General Director of Rostec Sergey Chemezov has informed that “in cooperation with China accounting for more than 15% of the portfolio of Rostec and Rosoboronexport in the sphere of military products. We are also developing the cooperation in joint civilian high-tech developments. For example, such as the heavy helicopter AHL or wide-body long-haul aircraft”.

By the way, at the Zhuhai Airshow was first presented full-scale model of Russian-Chinese aircraft CR929, the basic version of which is in a three-class layout seats up to 280 passengers.

“The plane will be in demand. According to our estimates, in Russia we plan to sell up to 120 cars in the next 20 years. The Chinese market is much more — up to 1 thousand cars”, — said the head of the United aircraft Corporation Yury Slyusar.

Head of the sector of the economy and politics of China, Institute of world economy and international Affairs. E. M. Primakov, Russian Academy of Sciences (IMEMO them. E. M. Primakov) Sergey Lukonin in conversation with the correspondent “SP” noted that talk about the transition to settlements in national currencies between Russia and China go for a long time and this transition is real. However, not so clear.

— I doubt that trade in yuan or rubles will be 100 percent, because businesses prefer to use the dollar. First and foremost, the Chinese business. But I think that part of the trade and any intergovernmental economic agreements can be denominated in yuan or rubles. However, it will not be the dominant share of trade-economic relations.

“SP”: — Prime Minister Medvedev during his visit to China announced a series of agreements. How do you assess the prospects for further cooperation between the two countries?

In my opinion, although colleagues with me may not agree, the potential of traditional trade and economic relations between Russia and China is already exhausted. It’s either more natural resources to sell to China or to buy from China anything.

We need to create some new forms of cooperation and, in principle, they are created. For example, designs wide-body passenger aircraft, the development of the helicopter. Slowly, but goes.

The interaction between Alibaba and Mail.Ru Group is one of the examples of the new forms. I think they will appear, because the potential is there. Another thing is that it is not necessary to wait for some superprofile, which will increase our turnover by tens of percent in two years. This is a gradual and long enough.

“SP”: — In early November, Bloomberg said that trump plans to end the dispute with China and to conclude a trade agreement. How can it affect Russian-Chinese cooperation?

— I think that trump and XI Jinping, sooner or later, definitely agree. I doubt that it will affect Russian-Chinese relations. It’s two different directions. There’s an American market, which for China is much more important than the Russian. And Russia — one of the directions. And they do not intersect.

“SP”: — the situation with the supplies of American LNG to China will change? And how Russia may use it?

Theoretically Russia can take advantage of the situation, because the niche of LNG released from American suppliers. On the other hand, it’s a bargaining chip in the negotiations between China and the United States. If they agree, China will purchase LNG from the Americans, because it’s one of the points at which XI and trump previously agreed, have been running contracts for the supply of LNG. Then, when began the economic and trade friction between China and the United States, they are “frozen”. Sort out and defrost.

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