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Moscow and Beijing to discuss the use of national payment systems

4F13C36A 678F 44A4 8009 28F5B414DB55 w1200 r1The central banks of Russia and China will discuss the use and promotion of the Mir and UnionPay national payment systems in both countries.

This was stated in an interview with TASS by Chinese Ambassador to Russia Zhang Hanhui.
"As for the promotion and use of the Mir and China UnionPay national payment systems in both countries, this issue will be resolved by the central banks of the two sides through consultations," he said. According to the diplomat, China welcomes the use of the yuan by Russians and the storage of savings in this currency.
Thus, the Ambassador drew attention to the stability of the yuan exchange rate in the current geopolitical situation. "It is worth noting that the stability of the yuan exchange rate to risks continues to strengthen. Despite the impact of the risks associated with the pandemic and geopolitical conflicts, the yuan has maintained basic stability in a rational and balanced range, which not only played an important role in stabilizing financial markets, but also increased the attractiveness of yuan assets," the ambassador said.
"In recent years, thanks to the constant optimization of the economic structure and architecture of China's regional development, as well as the deepening of the policy of reforms and openness, the development of the Chinese economy has maintained stable and positive dynamics and shows impressive results, which provides strong support for the internationalization of the yuan," the diplomat explained. He added that according to data published by the International Monetary Fund, by the end of the fourth quarter of 2021, the yuan's share in world foreign exchange reserves reached a record high, amounting to 2.79%.
The ambassador also stressed that more and more Russians are using the Chinese UnionPay system, which has been operating in Russia for many years