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EAEU and China to draft independent monetary and financial system

The Eurasian Economic Union (EAEU) and China will develop a draft of an independent international monetary and financial system. Zakon.kz reports.

The Eurasian Economic Commission (EEC) reported that the system will presumably be based on a new international currency, which will be taken as an index of the national currencies of the member countries and the prices of exchange-traded commodities. The first draft is expected to be presented for discussion by the end of March.

«Given the common challenges and risks associated with the global economic slowdown and restrictive measures against the EAEU and Chinese states, our countries should step up practical cooperation both at the level of regular expert dialogues and in form of joint measures and projects,» Sergei Glazyev, Minister in charge of Integration and Macroeconomics of the EEC, said.