China is willing to accelerate launch of agreement with Russia on currency swap

YEKATERINBURG, July 8. / TASS/ China is willing to accelerate the launch of agreement with Russia on currency swap and to increase payments in national currencies, Minister of Commerce Zhong Shan on Wednesday at the Innoprom exhibition. He said that last year the Central banks of the two countries signed an agreement on the currency swap worth 150 billion yuan in the joint opposition to financial risks. "The Chinese side is ready to work with Russia to speed up the launch of this agreement and to increase payments in national currency," said Zhong Shan. Zhong Shan also said that the Chinese side is ready to cooperate with Russia, "to promote the construction of cross-border infrastructure projects, including oil and gas pipelines, bridges, roads, arctic cables, and power line corridors." China's Ministry of Commerce also encourages the participation of the enterprises in the construction zones of advanced development in Russia, industrial parks and ports in the Far East. For its part, China will support the construction of industrial enterprises in all categories "including innovative research, development, production and sales," concluded Zhong Shan. Read more