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Tuesday, November 07, 2017
China-Russia joint-stock payment system still unable to shake off US-based payment system
ANBOUND

Recently, the Russian Prime Minister Dmitry Medvedev expressed his hope to interoperate with China's payment system. Statistics show that last year's China UnionPay card market share has expanded to 43%, with global circulation of more than 6 billion cards, surpassing Visa and MasterCard. However, the influence of China-Russia joint-stock payment system should not be overestimated, which is more likely to help Russia easing the pressure of Western sanctions. Russia wishes to open up new channels of payment, but this this will still be insufficient to shake off the current U.S.-based trading and payment system.

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