China, Russia to use yuan, rouble in more energy deals

Russia and China intend to use their national currencies to settle more energy deals to guard against instability in a world energy market dominated by the US dollar, Russian President Vladimir Putin said on Monday.

"Direct settlement between the rouble and the yuan is very promising in the long run," Putin said in a speech at the Asia-Pacific Economic Cooperation CEO Summit. "If we can settle large deals in this way, it will mean the influence of the dollar in global markets will decrease."

Putin said China is a "priority partner" of Moscow, and the two countries are studying the possibilities of increasing the use of the Russian and Chinese currencies in bilateral trade and investment, in particular the energy sector.