Russia and China look for more financial cooperation

China and Russia may have more of their business transactions settled in their own currencies as bilateral trade increases and both face rising hostility from the United States.

Russian President Vladimir Putin said last week at the Russia Calling Investment Forum in Moscow that he hopes to see more settlement of transactions between China and Russia in renminbi or rubles.

He said the coordination of the Eurasian Economic Union, a Russian initiative, and the Belt and Road Initiative, a Chinese proposal is underway, along with the talks for agreement about currency.