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Pavel Minakir on the consequences of the transition of the SCO member states to settlements in national currencies
Director of the Economic Research Institute of the Far East Branch of the Russian Academy of Sciences, Academician Pavel Minakir, In an interview with EastRussia He expressed his opinion on the consequences of the transition of the SCO member states to payments in national currencies.
“Among themselves, the SCO member states can switch to settlements even in sables, the dollar will simply not notice it,” the academician noted. “Will the national financial systems strengthen from this? It is very doubtful, or rather - in the case of China, they will not react in any way due to the insignificant share of the general calculations; in the case of Russia, very little will react - for the same reason; for the rest, the situation will depend on the real state of the bilateral balances of payments. The yuan will not get much benefit from this precisely because of the small share of these settlements in the total volume of China's payment transactions, ”explained Pavel Minakir.
The director of the Institute for Economic Research also added that "in general, this means using not one, but several currencies in the calculations, which complicates the overall payment operations a little, but does not bring other general benefits. On the contrary, some losses are unavoidable, since part of the foreign exchange earnings turns out to be derived from the total trade turnover. If you received yuan or tenge, then you can use them only in operations in Russia itself or in trade with Kazakhstan and China, and only. "
At the same time, there are also positive aspects: "those agents for whom mutual trade is the main part of operations will gladly take advantage of the situation, as they will be able to save a few on converting operations," the academician said.
Explaining his opinion on the real benefits of Russia's participation in the SCO, Pavel Minakir confirmed: "The SCO is a political organization, some addition or even a certain alternative to an organization such as ASEAN, oriented toward the United States. The economic component of the SCO is available, but it is of secondary importance. The benefit of Russia is the leading role in the real bloc organization, which is a very weak alternative to NATO, but still demonstrates the preservation of Russia's block potential. For Russia and China, the SCO is a form of demonstrating its own approach to regional security. The other members of the SCO have their own benefits. It is not possible to assess them economically, and it is hardly necessary at all. "
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