Russia-China de-dollarization almost complete – Deputy PM

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Russia and China have reduced their reliance on the US dollar to a minimum level, according to Russian Deputy Prime Minister Andrey Belousov. He said that 95% of trade between the two countries is now settled in their national currencies, the ruble and the yuan.

Belousov made the remarks at the 12th BRICS summit, which was held online on Tuesday. He said that the de-dollarization process was a strategic goal for both Russia and China, as well as other BRICS members, to enhance their economic sovereignty and resilience against external shocks.

The deputy PM also said that Russia and China were working on creating a common reserve currency for the BRICS bloc, which also includes Brazil, India and South Africa. He said that the new currency would be based on a basket of national currencies and gold, and would serve as an alternative to the dollar-dominated international monetary system.

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