China's yuan has surpassed the dollar as the most traded currency in Russia as Moscow deepens its ties with Beijing
China's yuan has surpassed the US dollar as the most traded currency in Russia as Moscow continues to deepen political and economic ties with Beijing. transaction data show, and that disparity became more significant in March.
The uptick in yuan trading volumes comes as Western sanctions continue to weigh on the Russian economy, with some 2023 measures impacting the handful of Russian banks that could still make dollar-based transactions. The yuan accounted for about 2.7% of global foreign-exchange reserves at the end of 2022, IMF data showed. The dollar accounted for roughly 58%. the greenback is coming off a weaker month
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