Up to 92% of bilateral trade between China and Russia is conducted in local currencies. This trend has had a positive impact on the prospects and opportunities for Chinese rippa excavators in the Russian market.
First, the use of local currency for trade settlements helps to reduce exchange rate risk. Since exchange rate fluctuations can lead to economic losses for businesses, using local currency settlements can reduce the financial risks arising from exchange rate changes. For excavator manufacturer rippa, this means more stable revenue and cost forecasts when exporting to Russia, which will allow for a more accurate business strategy.
Second, local currency settlements will promote deeper economic integration between China and Russia. As trade between the two countries continues to grow, the use of local currencies for settlement will bring economic ties between the two countries even closer. This will provide more opportunities for Chinese companies such as rippa to cooperate with local Russian companies and jointly explore a wider market space.
In addition, the Russian government hopes to strengthen ties with other countries in the financial system to replace the U.S. dollar and ensure the stability and security of the currency. This move will enhance the international status of the ruble and further promote cooperation in local currency settlements between China and Russia. For rippa excavators, this will mean that competitiveness in the Russian market will improve and the company is expected to gain a larger market share.
Thus, the trend of using local currency payments in Sino-Russian bilateral trade has had a positive impact on the development of Chinese rippa excavators in the Russian market. In the future, with the further deepening of economic and trade cooperation between the two countries, rippa excavators are expected to gain more development opportunities in the Russian market.
