- Cooperation with China has deepened as sanctions took effect
- Kremlin urges conversion from ‘toxic’ to ‘friendly’ currencies
The Chinese yuan witnessed its prominence rise in Russia lately. In a recent talk, President Putin advocated for the global adoption of the Chinese currency, urging for its internationalization.
Putin underscored the significant role that the yuan and the ruble play in facilitating trade between Russia and China. Furthermore, the President expressed his support for employing the yuan as a currency of settlement in transactions between Russia and the nations of Asia, Africa, and Latin America.
After the rise in the usage of the yuan in Russia, it has come to light that the Chinese currency has taken the place of the US dollar as the most traded currency in that country.
Yuan surpassed the dollar in monthly trading volume
According to the latest data shared by Bloomberg, the Chinese yuan has dethroned the US dollar in monthly trading volume for the first time in February. The trading volume event also rose on a higher scale in March. This is according to the transaction data compiled by Bloomberg from the Moscow exchange.
The US dollar is witnessing its prominence go into a downward spiral. More countries are seemingly steering away from dollar dependence.
