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Two Sessions 2023
ChinaDiplomacy

China hints at more ‘safe and credible’ currency cooperation with Russia

  • Foreign Minister Qin Gang hails relations with Moscow, blasts ‘invisible hand’ escalating Ukraine conflict
  • Russia’s use of yuan increasing ‘dramatically’ since Western sanctions were imposed, analyst says

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Foreign Minister Qin Gang hailed Russian relations and hinted at wider currency cooperation as he blasted an “invisible hand” for escalating Ukraine conflict. Photo: Reuters
Kawala Xie

China signalled more currency cooperation with Russia and applauded its exemplary relations with Moscow on Tuesday, as it accused the United States of escalating the war in Ukraine.

“Safe and credible” currency would be used in China’s trade with Russia, Foreign Minister Qin Gang said, when asked during his first press conference on the sidelines of the National People’s Congress if the two countries would abandon the US dollar or Euro.

“[We will use] whatever currency is easy to use ... International currency should not be used as a trump card for unilateral sanctions, and as a tool for bullying and coercion,” Qin said in an apparent reference to US-led sanctions against Russia over its invasion of Ukraine.

He did not confirm if President Xi Jinping would visit Russia after the two sessions, but reaffirmed the strength of China-Russia relations under the leadership of the two nations’ presidents.

He said those ties “set an example for a new type of international relations” and would continue to develop amid “chaos and uncertainty”.

“Some countries are used to viewing China-Russia relations through the lens of the ‘cold war alliance’, and what they see is their own reflection,” he said.

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