Chinese yuan officially takes over US dollar

Trading in yuan accounted for 42% as compared to 39.5%. US dollar in Russia. — Gazettengr/File
Trading in yuan accounted for 42% as compared to 39.5%. US dollar in Russia. — Gazettengr/File

Chinese yuan has officially become the most traded currency in Russia, beating Unites States dollar amidst an ongoing genocide in Palestine, Watcher Guru reported

According to new data reports, trade in yuan make up 42% of currency trades in Russia, meanwhile, trading in dollar accounted for 39.5%.

Moreover, the figures show that the trading volumes for the yuan had tripled, reaching $385 billion in 2023.

With such extensive usage, it is anticipated that this year, trading in yuan will increase more than the figure last year.

Russia is currently battling several sanctions levied by the West, particularly the US, for its ongoing war in Ukraine. 

The levied sanctions have caused difficulties, hampering Russia’s global supremacy status, rendering it incapable of carrying out national and international transactions via traditional and established routes.

To evade these sanctions, Russia has been looking for new alternatives such as using Chinese yuan to conduct foreign trade and offshore transactions replacing the US dollar.

Moscow is now intensifying its calls against the use of dollar, bringing up the idea of “de-dollarisation”.

During an interview, Russian Prime Minister Mikhail Mishustin was noted urging Middle Eastern oil producing countries to switch from US dollar to national and regional currencies.

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