China and Russia will start trading directly in each others currencies, Bloomberg reported, citing bankers with knowledge of the matter. China has already sent out an application form for lenders to apply for ruble-trading license. Ruben Aganbegyan, head of Russia’s Micex Stock Exchange, told reporters the exchange is preparing to allow renminbi-ruble trading with the support of the country’s central bank. Unlike the renminbi, the Russian ruble is already a fully convertible international currency, although its exchange rate is partially controlled by the government and floats against a dollar-euro basket.