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De-dollarization in overdrive: Russia & China boost settlements in national currencies to 25%

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Moscow and Beijing have ramped up the share of settlements in national currencies to 25 percent this year against a modest two percent recorded seven years ago, according to the Russian Ambassador to China Andrey Denisov.

“The share of national currencies in our [trade] relations with China is steadily increasing. It has reached about a quarter through the nine months since the beginning of the year. This is quite a big progress,” the ambassador said, citing the Chinese partners.

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