Russia's central bank opened its first overseas office in Beijing, marking a small step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system, according to the South China Morning Post.
It was part of agreements made between the two neighbors to seek stronger economic ties since the West brought in sanctions against Russia over the Ukraine crisis and the oil-price slump hit the Russian economy.
The opening of a Beijing representative office by the Central Bank of Russia was a "very timely" move to aid specific cooperation, including bond issuance, anti-money laundering and anti-terrorism measures between China and Russia, said Dmitry Skobelkin, deputy governor of the Central Bank of Russia. Russia is preparing to issue its first federal loan bonds denominated in Chinese yuan.
Source: China Economic Review