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Western sanctions not to affect Sino-Russian ties

Xinhua, January 23, 2015 Adjust font size:

Western sanctions against Russia will not affect its trade ties and financial cooperation with China, Chinese financial officials said on Friday.

"We believe that the Russian government and central bank have room in policy to overcome current economic difficulties," Pan Gongsheng, vice governor of People's Bank of China, the central bank, said at a press conference.

Pan said current financial cooperation between the two countries is sound and based on mutual benefit. "The central bank will support financial institutions from both sides to develop legal businesses," he said.

Wang Zhaoxing, vice chairman of China Banking Regulatory Commission, said the two countries have great potential for cooperation in investment and energy.

China's financial institutions will continue to support the expansion of bilateral trade, Wang said at the same press conference.

Under pressure brought on by the slump of global crude oil prices and Western sanctions, various international rating agencies have downgraded Russia's economic ratings due to ruble's weakness and the ailing economy. Endi