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CHINA AND RUSSIA SIGN BILLIONS OF DOLLARS’ WORTH OF DEALS

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CHINA AND RUSSIA SIGN BILLIONS OF DOLLARS’ WORTH OF DEALS

Oct 15 2014, 9.41am GMT

Stock.com

China’s premier, Li Keqiang, has signed over 40 agreements with Russia. The aim is to reduce dependence on the dollar and to negate sanctions from Europe, which have brought the Ruble down to an all- time low since the cold war against the greenback. The deals range from finance to transport, energy and technology.

In brief:

  • Putin hopes to see trade between Russia and China more than double to $200 billion.
  • A crucial currency swap line worth 150 billion yuan ($24.5 billion) was agreed to cover an initial period of 3 years, promoting bilateral trade and investment by swapping currencies without buying them on the currency markets.
  • A previous agreement was confirmed on a 30 year, $400 billion arrangement to pipe 38 billion cubic metres of gas annually to China.
  • A deal to tie Russian oil company OAO Rosneft with China National Petroleum Company was signed.
  • Russian companies to receive credit lines worth more than $4.5 billion from Chinese banks.
  • China to aid Russia in the building of their high speed rail.

USD-RUB 41.0406. Price of 1 USD in RUB – up 0.1744 or 0.43%

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