Amid the ongoing genocide in Palestine, the Chinese yuan has officially become the most traded currency in Russia, beating the U.S. dollar. Master Observer report
The latest data shows that yuan transactions account for 42% of Russian currency transactions, while dollar transactions account for 39.5%.
In addition, data shows that yuan trading volume will triple by 2023, reaching $385 billion.
Due to such widespread use, RMB trading volume is expected to increase this year compared to last year.
Russia is currently dealing with a number of sanctions imposed by Western countries, especially the United States, over its ongoing war in Ukraine.
The sanctions imposed create difficulties that undermine Russia’s global dominance and prevent it from conducting domestic and international transactions through traditional and established routes.
To evade these sanctions, Russia has been looking for new alternatives, such as using the yuan instead of the U.S. dollar for foreign trade and offshore transactions.
Moscow has now stepped up its opposition to the use of the dollar, proposing the idea of ”de-dollarization.”
In an interview, Russian Prime Minister Mikhail Mishustin urged Middle Eastern oil producers to switch from the U.S. dollar to national and regional currencies.
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