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'100 Local Currencies': Putin's De-Dollarisation Announcement In China-Russia Bilateral Trade

TOI.in / May 20, 2026, 17.53 PM IST

After meeting Vladimir Putin in Beijing, Xi Jinping heard Moscow’s pitch for a sanctions-proof trade model. Putin said Russia and China have built a stable bilateral system by shifting settlements into rubles and yuan, insulating commerce from external pressure and global market volatility, with nearly all export-import operations now conducted in their national currencies.

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