As western governments ratchet up sanctions against Russia over its invasion of Ukraine, Moscow's emerging markets allies are exploring channels for trade and financing to continue.
Deng Kaiyun, who heads Zhejiang's chamber of commerce that represents Chinese private businesses that trade with Russia, said doing transactions without SWIFT was not a big issue, as the two countries both started de-dollarisation five years ago.
A source at a Chinese state bank who declined to be identified says "exporters are now in favour of using yuan to settle their payments" with Russia. Some of those trades were settled in euros or dollars until last week. "Although it's hard to replace SWIFT in the short term, this incident is very beneficial to yuan's globalisation over the long run."Investment firm Caderus Capital said it has been working to promote cross-border investment between Russia and China.
"If we talk about trade and investment, it makes a lot of sense for both countries not to trade in the in U.S. dollars, because then you have double conversion, in addition to other difficulties recently," Akopian said.
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