12:15 - 15.07.2026

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July 15, Fineko/abc.az. China has secured Russia's consent on a long-standing initiative to establish a Shanghai Cooperation Organization (SCO) Development Bank.

The Wall Street Journal (WSJ) reports this, citing Chinese officials and diplomats familiar with the situation.

According to the publication, a new financial institution is to be created to support investment and infrastructure projects in Central Asian countries. At the same time, the Chinese yuan is expected to become the bank's main settlement currency.

It is noted that Beijing has been promoting the idea of establishing the SCO Development Bank for many years, but the initiative has not previously received full support from Moscow. Now, according to WSJ sources, Russia has agreed to support the project, which could strengthen the role of the yuan in regional financial transactions and expand China's economic influence within the SCO.