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Trade between Russia and China ballooned to a record $240 billion in 2023. Maintaining the flow of income and goods, which is crucial to the Kremlin, depends on ensuring smooth payments.
Last year, cash-strapped Pakistan authorized the barter trade of specific goods with Russia. In 2019, China traded $150 million worth of palm oil from Malaysia for a range of products and services ...
Leading Russian banks are looking into using a Chinese payment rival after Visa and Mastercard suspended operations, while all the big global accounting firms said they would pull out of Russia in ...
The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency.
UnionPay decal on the door of a dining hall in Chiba, Japan. With the approval of the People's Bank of China (PBOC), China UnionPay was launched on 26 March 2002, in Shanghai by PBOC governor Dai Xianglong, The Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank served as its first members. [6]
In September 2016, Russia's National Payment Card System and China's Union Pay payment system agreed to issue joint bank cards. The corresponding agreement was signed on September 14 in Shanghai, [39] and the first cards were issued in July 2017 by Rosselkhozbank. [40]
This year, however, it launched bilateral trade, tapping into surging trade between the two countries even as the threat of secondary U.S. sancti Russia, China turn to digital payments as ...
The main form of cooperation in the complex economic relations between Russia and China is trade. From 2003 until 2013, mutual trade increased 7.7 times; in 2014 the scale of bilateral operations increased even more. The aggravation of relations between Russia and Western countries contributed to the expansion of economic ties with China.