Sino -Russian base currency settlement is a major practice to maintain the correct development of the international currency system

According to the Russian satellite news agency, Russian President Putin recently said that Russia's Natural Gas Industry Co., Ltd. and Chinese partners have decided to pay natural gas supply fees at a ratio of RMB 50: 50. How to view the change of this payment method? What impact will this have on the global payment system and the internationalization of RMB?

First of all, this is an inevitable measure to deal with the current "morbidity" of major settlement currencies.

In recent years, the United States has led to the abuse of financial sanctions on some countries with currency hegemony, which has led to the decline in US dollar credit. Another global major currency euro has also declined due to economic governance and geopolitical conflict, and it is expected to be unstable. Since the Ukraine crisis, the United States has adopted Russia's frozen overseas reserves and kicking major banks out of the "Swift) international settlement system, which has caused a significant impact on the stable Russian financial market, foreign trade and financial transactions. Russia takes countermeasures to restrict the emergency measures flowing out of the US dollar, and also promotes medium- and long -term measures such as rubles and gold binding, expanding the scope of the settlement of the local currency, and using a new international settlement system, which boosted the confidence of the ruble, effectively stabilized the domestic economy And financial market. While preventing risks spread, the cost of importing specific resources and products from Russia has also increased sanctions.

Based on China's strong economic strength, especially the stable and reliable manufacturing system support, the renminbi has formed a strong international payment and settlement credit. The cooperation between China and Russia in the field of natural gas is not only safe and reliable, reduced the cost of settlement, but also helps enhance the international competitiveness of the settlement system of the two countries, reduce its dependence on the US -led monetary payment system, and enhance the autonomy of currency.

In the past two decades, the United States abuse the US dollar system resources will alien the US dollar's public service functions in the international currency system into part of the US hegemony force. If other countries do not enhance the autonomy of currency, they may eat the loss of US dollar hegemony and even fall into a passive situation. Therefore, China -Russia's implementation of the local currency settlement in the field of oil trade is a pragmatic choice.

Secondly, the long -term large -scale trade cooperation project is the most suitable field for the settlement of the currency.

The settlement of the local currency must be based on the recognition of the other party's currency credit, and the long -term large -scale trade cooperation is based on the real needs of specific trade projects. Petroleum, natural gas and other commodities are important varieties of Changxie, and have natural advantages in the settlement of the currency.

Sino -Russian natural gas trade is significantly expanding. At present, it has reached 13.6 billion cubic meters to China through the "Siberian power" pipeline, and it is expected to reach 38 billion cubic meters per year by 2025. In February of this year, China and Russia signed the second Natural Gas Association, stipulating that Russia transported 10 billion cubic meters of natural gas to China through the Far East Pipeline. At the same time, Russia has completed the feasibility study of the "Alliance Oriental" natural gas pipeline construction project in January this year. If the project is successfully landed, the pipeline can transport 50 billion cubic meters of natural gas to China each year. With such a large -scale natural gas cooperation agreement, the two parties are obviously more appropriate to use the local currency settlement -it can avoid the exchange rate risks of the US dollar euro and other exchange rates, but also help the stability of the RMB and ruble currency, and it is conducive to consolidating the toughness of the RMB and rubles in the international settlement system.

Thirdly, China and Russia implementation in the field of natural gas cooperation is intended to deepen bilateral financial cooperation and inject positive forces into international financial governance, but this is not the same as the so -called "international currency status of the US dollar".

Whether a country's currency can become the world's main settlement and reserve currency, whether the scope and area of ​​its coverage is large enough, depending on its global economic status, and it depends on its political, military, cultural research, and laws such as many factors and other factors composition Comprehensive strength. As the main settlement currency of the US dollar and the euro, it is a comparison of its long -term choices in accordance with the comparison of security, liquidity, and profitability in accordance with the comparison of security, liquidity, and profitability. Objectively speaking, the US dollar and euro as the main settlement currency is conducive to global trade and financial transactions.

The credit accumulated in the international market today is supported by the comprehensive strength and comprehensive credit of the United States. Of course, any sovereign currency, as international reserves and settlement currencies, has contradictions between the interests of national sovereign and global financial public products. Strictly speaking, international reserves and settlement currencies should correspond to the global weighted average wealth value scale, and regulate the global supply and demand relationship in the circulation; while the sovereign currency should correspond to the value of the country's wealth value, and in circulation in circulation Adjust the relationship between interior and cross -border supply and demand. Credit expansion and credit contraction of the US dollar are mainly influenced by US sovereign forces, and also affected by the game of international forces. In recent years, due to the domestic political polarization, unilateralism and protectionism have severely damaged the credit of the US dollar as international reserves and settlement currencies.

After the United States has pushed a series of hegemonic operations, many countries are concerned about the international monetary system of the US dollar and the euro as the main body. Many emerging countries promote financial cooperation such as the settlement of local currency and currency swaps to expand a new international settlement mechanism is the inevitable reform and reshaping the international currency system. It is the expectations of the international monetary system to be fair, secure, and stable to give an international monetary system. The internationalization of RMB is based on fairness, security, and stable demands, and is the internationalization of cooperation and internationalization.

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