Analysts: China-Russia financial cooperation raises red flag

FILE - Chinese President Xi Jinping, right, and Russian President Vladimir Putin shake hands prior to their talks in Beijing, May 16, 2024. In this pool photograph distributed by the Russian state agency Sputnik, Russia's Prime Minister Mikhail Mishustin, right, shakes hands with Premier of the State Council of China Li Qiang as they meet in Moscow on Aug. 21, 2024.

China and Russia agreed to expand their economic cooperation using a planned banking system, which analysts say is aimed at supporting their militaries and undermining U.S.-led global order.