After the sanctions, the Kremlin couldn't trade in Western currencies, leading to a surge in transactions using the Chinese yuan, which now dominates Russian trade.
In July, the number of transactions in yuan from China to Russia increased significantly, illustrating how geopolitical shifts are altering global trade dynamics.
Maia Nikoladze from the Atlantic Council notes that using yuan suits both Russia and China, as Russia lacks other options, while China boosts its global economic influence.
Despite the growth of yuan transactions, the dollar still dominates global foreign-exchange use, posing challenges to China's ambitions for yuan internationalization.
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