The expert assessed the consequences of the transition of Russia and China to settlements in national currencies

MOSCOW, 6 Sep — PRIME. The transition of Russia and China to settlements for gas supplies in national currencies will lead to a further gradual decrease in the share of the euro and the dollar in trade between the countries and will provide a new source of yuan for the Russian foreign exchange market, Valery Yemelyanov, an expert at BCS World of Investments, shared his opinion with RIA Novosti.

Earlier on Tuesday, Gazprom and CNPC signed agreements to switch to payments for gas supplies to China in rubles and yuan, which, according to the head of the Russian company Alexei Miller, will simplify the settlements and give impetus to the development of the economies of both countries.

“This will cause a further gradual decline in the share of euros and dollars in trade between China and Russia, and the domestic foreign exchange market will receive an additional source of yuan,” the expert believes.

At the same time, he stressed that China’s gas consumption still falls short of the volumes that were sold to Europe, although they increased by 60% in the first half of the year. Therefore, the influx of yuan into the foreign exchange market of the Russian Federation will not be commensurate with the inflow of the euro.