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Thursday, April 18, 2024
HomeFinance NewsRussia Finance Minister Discusses Yuan Loans with China in Talks

Russia Finance Minister Discusses Yuan Loans with China in Talks

Russia’s Finance Minister Anton Siluanov revealed that discussions have been ongoing with Chinese counterparts regarding the possibility of securing loans in yuan. While talks have been taking place for some time, no decision has been made yet, as confirmed by Siluanov in an interview with the RIA news agency. The topic was last touched upon during inter-ministerial dialogue at the end of the previous year.

In a recent development, Siluanov mentioned that Moscow is open to trialing digital currency payments with China or nations in the Eurasian Economic Union. The Finance Minister emphasized that any actions involving Russian assets overseas would be met with a corresponding response in Russia. This stance was reiterated in light of the European Union and the Group of Seven nations freezing around 300 billion euros worth of Russian central bank assets post the invasion of Ukraine in 2022.

Siluanov assured that Russia’s budget remains well-managed, with revenues performing slightly better than projections for the year. The pace of spending has also been subdued compared to the previous year due to more stringent controls over advance payments and expenditure justifications. As Russia navigates complex global financial dynamics, the government seems committed to maintain fiscal discipline and explore innovative avenues, such as potential loan arrangements with China.

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