According to data from Moscow’s central bank, from January 2016 to December 2022, the yuan accounted for 34% of Russian imports and 25% of its exports. This significant shift indicates the growing influence of the Chinese currency in bilateral trade between Russia and China.
In addition to this, third countries that have swap lines with the People’s Bank of China are increasingly using the yuan. This trend further underscores the expanding role of the Chinese currency in global trade transactions, which can potentially undermine the longstanding dominance of the US dollar.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
To read the full article, Click Here