China, Russia Urged to Speed Up Creation of ‘Cutting Edge’ Payment Infrastructure for BRICS and SCO Currencies

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The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the establishment of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS nations. “Our relations with China keep getting stronger,” said Russia’s prime minister.

Shuvalov Discusses New Payment System for BRICS and SCO

The chairman of Russia’s national economic development institution VEB.RF, Igor Shuvalov, has urged China and Russia to accelerate the establishment of an efficient payment system for members of the Shanghai Cooperation Organization (SCO) and the BRICS economic group.

VEB.RF is a Russian state development corporation and investment company. It is a non-profit organization with no shareholders. Shuvalov previously served as First Deputy Prime Minister in Dmitry Medvedev’s Cabinet. He was appointed chairman of VEB.RF in May 2018 by Russian President Vladimir Putin.

Speaking at a Russian-Chinese Business Forum in Shanghai on Tuesday, Shuvalov stressed that Russia and China should speed up the creation of an efficient system for payments in the Russian ruble, the Chinese yuan, and the currencies of SCO and BRICS member nations, Tass reported. The BRICS comprises Brazil, Russia, India, China, and South Africa. The SCO was established in 2001 as a political, economic, and defense alliance; it is the world’s largest regional organization.

Shuvalov was quoted by the news outlet as saying:

Trade and economic cooperation overall between the Russian Federation and China will only rise and expand. And we, together with CDB (China Development Bank), will deepen our cooperation, the coordination of our actions on this path.

He added that his own organization, the CDB, and other financial institutions of the SCO and the BRICS could aid such efforts.

Shuvalov proceeded to emphasize the need for a new, “cutting-edge” payment infrastructure for the two nations to deepen their trade and economic cooperation. He stressed:

We urge the government of the Russian Federation and our Chinese partners to act as actively as possible. An independent and efficient infrastructure of payments is necessary not only for ensuring the ‘ruble/yuan’ pair, but also for carrying out the most serious transactions in SCO and BRICS currencies.

Russian Prime Minister Mikhail Mishustin said Tuesday that the relations between Russia and China are getting stronger.

Commenting on the Russian-Chinese Business Forum during a meeting with members of the Russian business community, he said: “Over 1,200 people are taking part in the forum, including representatives of numerous Russian public and private-sector companies, which is good news.”

Mishustin added: “Our relations with China keep getting stronger. This longstanding relationship is based on historical roots, mutual respect, and friendship.”

Do you think Russia and China should establish a new, cutting-edge payment system for the SCO and BRICS members? Let us know in the comments section below.