A payment and clearing system not based on the US dollar is also a growing trend.

According to a Reuters report, Russian President Putin proposed on the 1st that the 10 member countries of the Shanghai Cooperation Organization (SCO) jointly issue bonds.

At the summit held in China by the SCO, the organization also introduced the concept of a trade joint payment system.

He told leaders of SCO member states that he would "advocate the issuance of joint bonds by member countries." He also stated that he would support "building our own settlement, clearing and deposit infrastructure" and "establishing a bank for joint investment projects."

Putin said: "All of these will enhance the effectiveness of our economic exchanges and prevent external environmental fluctuations."

He also pointed out that in 2024, the average economic growth of the SCO was 5%.

Original article: https://www.toutiao.com/article/1842064170117120/

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