Three ways China and Russia are forging much closer economic ties
When they last met, in February in Beijing during the Winter Olympics, they proclaimed their friendship had"no limits." Since then, Russia has sought ever closer ties with China as Europe and the United States responded to the invasion with wave after wave of sanctions.Chinese President Xi Jinping, right, and Russian President Vladimir Putin pose for a photo at the Shanghai Cooperation Organization Summit in Qingdao in eastern China's Shandong Province on June 10, 2018.
According to statistics published by SWIFT, the messaging system used by financial institutions globally to process international payments, Russia was the third biggest market in the world for payments made in yuan outside mainland China in July, after Hong Kong and the United Kingdom. The country didn't even appear on SWIFT's list of top 15 yuan markets in February.Russian companies and banks are also increasingly turning to the yuan for international payments.
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