Trade between Russia, China hits all-time high: Russian deputy PM

Russia is doing more and more business with countries of the Global South, with the country's flourishing trade with China a prime example of this, Deputy Prime Minister Alexey Overchuk said at a meeting with Chairman of the Standing Committee of the National People's Congress of China Zhao Leji.

"The Russian economy has reoriented to markets of the Global South and East. Trade turnover with China has increased by 23.1 percent reaching almost $228 bn, while PRC statistics have this number at $240 bn," Overchuk informed.

Russia and China have therefore surpassed the $200 bn target set by the heads of the two states, the Russian official said, reports BSS/AFP.

"This is an all-time high for our countries. Russia has for the first time moved to fourth place among foreign trade partners of the People's Republic of China," Overchuk stressed.

More than 90 percent of bilateral transactions between Russia and China are made in rubles and yuan, the deputy prime minister noted.

"The Russian ruble has recently become the main export currency for Russia. Its share is already about 40 percent," he stressed.

"The yuan tops the list among friendly currencies for us. 25% of Russian foreign trade is now calculated in the yuan," the official added.