Shuvalov, the first Deputy Prime Minister of Russia, said that Russia and China were drafting Inter-Governmental Agreement involving changing into local currency settlement step by step and this agreement would be published soon. ANBOUND think tank scholars believe that the expansion of local currency settlement for bilateral trade will speed up Renminbi internationalization and facilitate the trade and investment between Russia and China. However, since the bilateral trade scale is limited, the symbolic meaning of local currency settlement might be greater than its practical meaning. Besides, ruble predominated local currency settlement in the past and the bilateral trade was mainly paid in ruble instead of Renminbi. China should pay more attention to the balance of settlement currencies in the future and take risk of devaluation of ruble in consideration.