Russian President Wladimir Putinsaid on Tuesday his country was there in favor of using the Chinese yuan for trade transactions between Russia and other countries.

What happened: Putin, after a second round of talks with Xi Jinping, said: “We are in favor of using the Chinese yuan in settlements between Russia and Asian countries, Africa, Latin America.” mug reported.

He also expressed confidence that such “forms of payment will be developed between Russian partners and their counterparts in third countries.”

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The move is planned US dollar strength weakening as the Russian president, along with his Chinese counterpart, agreed to “significantly increase” trade between their two countries by 2030.

Putin held a second round of talks on Tuesday with Xi, discussing security and economic issues, including energy, resources and information technology. The two leaders also signed a joint statement promising to work together until 2030.

Meanwhile, Putin and Xi called in a joint statement Washington should stop ‘undermining global strategic security’ and stop developing a global missile defense system. Xi’s visit to Russia was a major boost for Putin as the Russian leader squared off against what he called a hostile West bent on inflicting a “strategic defeat” on Moscow.

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