China’s yuan replaces US dollar as most traded currency in Russia

Daily Current Affairs / China’s yuan replaces US dollar as most traded currency in Russia

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Category : International Published on: April 06 2023

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China’s yuan has replaced the US dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow.
According to data from the Moscow Exchange, the yuan accounted for 23.6% of Russia’s foreign exchange turnover in the first quarter of 2023, while the dollar’s share was 22.5%.
This marks the first time the yuan has surpassed the dollar in Russia’s currency market.
The rise of the yuan in Russia is part of a broader trend of increasing acceptance of the Chinese currency in international trade and finance.