Russia to increase use of ruble, yuan in trade with China: Putin

Russian President Vladimir Putin pledged Monday that Russia will make greater use of settlements in ruble and yuan in its trade with China.

"China is one of our key partners in the Asia-Pacific region... We are already carrying out our first deals in ruble and yuan. We are ready to extend such possibilities to trade in the energy sector too," Putin said in a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO summit held in Beijing.[Special coverage]

"Our experts are currently studying these options. An intergovernmental Russian-Chinese commission on investment cooperation is also at work," he said.

Putin is in Beijing to attend the 22nd APEC Economic Leaders' Meeting, which is expected to launch the process of Free Trade Area of the Asia-Pacific (FTAAP).

"We believe that a major achievement of the Chinese presidency has been securing agreement on concrete steps toward establishing a future Asia-Pacific free trade zone," Putin said.

While pointing out that economic integration is clearly taking the fore on the APEC agenda today, Putin proposed that this plan should take into account the interests of all future participants, the unique features of their economies and the considerable differences in their development.

"Naturally, the future Asia-Pacific free trade zone should work together with other big regional economic associations," he added.