Calls for accelerating the creation of a payment infrastructure in the “BRICS” and “Shanghai Cooperation Organization” countries

Head prompted Russian National Economic Development Corporation VEB.RF, Igor ShuvalovChina and Russia to speed up the establishment of an efficient payment system, for members Shanghai Cooperation Organization SCOand a group BRICS Economic.

Also read: Report: Saudi Arabia’s accession to the BRICS group would accelerate the use of the “Chinese yuan” as a commercial currency

where filled Shuvalov Shuvalov Previously, the position of First Deputy Prime Minister in the government Dmitry Medvedevand was appointed chief The Russian National Economic Development Corporation VEB.RF In May 2018, by the Russian President Vladimir Putin.

On the other hand, stressed Shuvalov Shuvalov Speaking at the Russia-China Business Forum in Shanghai on Tuesday, Russia and China should speed up the establishment of an efficient system of payments in Russian rubles, Chinese yuan and currencies of SCO and BRICS member countries.

Calls for accelerating the creation of a payments infrastructure in the BRICS and Shanghai Cooperation Organization countries

It is worth noting that the BRICS group includes: Brazil, Russia, India, China and South Africa, and the Shanghai Cooperation Organization is the largest regional organization in the world, as it was established as a political, economic and defense alliance in 2001.

He also added Shuvalov Shuvalov Within his speech:

“Trade and economic cooperation in general between the Russian Federation and China will expand, and we will work together CDB, China Development BankTo deepen our cooperation and coordinate our actions on this track.

Stressing that his organization and other financial institutions affiliated with the Shanghai Cooperation Organization and BRICS countries can help in such efforts.

In a related context, explain Shuvalov Shuvalov The urgent need for a new and advanced infrastructure, to push the two countries to deepen trade and economic cooperation between them, as he said:

“We urge the Government of the Russian Federation and our Chinese partners to act as actively as possible, as an independent and efficient payment infrastructure is necessary to guarantee the ruble/yuan pair, and to carry out transactions in other currencies. Shanghai Cooperation Organization SCO AndBRICS countries.”

In turn, said the Russian prime minister Mikhail Mishustin On Tuesday, the relations between Russia and China are getting stronger.

Commenting on the Russian-Chinese Business Forum, when meeting with members of the Russian business community, he said:

Also read: Analysis: “BRICS countries”, “China” and “cryptocurrencies” threaten the dominance of the US dollar

“More than 1,200 people are participating in this forum, including representatives of many Russian public and private sector companies, which is good news.”

“Our relations with China are getting stronger, and this long-term relationship is based on historical roots, mutual respect and friendship.”

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