BEIJING: China’s dollar-denominated exports to Russia rose 12.5% in the period of January-February from a year earlier, while imports grew 6.7%, customs data showed on Thursday, as Beijing seeks new drivers of cooperation with Moscow.
Two-way trade hit $37 billion in the first two months, according to data by China’s General Administration of Customs.
The customs administration releases combined January and February trade data to smooth out distortions caused by the shift in the timing of the Lunar New Year, which fell in February this year.
In yuan terms, China’s outbound shipments to Russia jumped 15.5% and imports were up 9.9% in January-February, customs data showed.
Russia’s finance ministry has been discussing with its Chinese counterparts the possibility of taking out loans in yuan, but there has been no decision yet, Russian Finance Minister Anton Siluanov told state media in remarks published on Feb. 26.
China Jan-Feb crude imports rise on strong holiday travel demand
Siluanov added Moscow is ready to start testing payments in digital currencies with China or countries of the Eurasian Economic Union.
Speaking at a news conference on the sidelines of China’s annual parliament meeting in Beijing on Thursday, Foreign Minister Wang Yi said the country is willing to work with Russia to foster new drivers of cooperation and consolidate friendship.
China’s 2023 two-way trade with Russia hit $240 billion, setting another new record.
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