Mutual settlements between Russia and China in yuan are growing
03 October 2023
In the first half of 2023, 75% of trade transactions between China and Russia were conducted in yuan.In addition to settlements with China, another 25% of transactions between Russia and other trading partners also occurred in Chinese currency. In other words, the yuan has become one of the main currencies in Russia's foreign trade settlements.
In addition, since the beginning of the year, the portfolio of RMB loans issued by Sberbank has reached 90 billion RMB, increasing nine times. At the same time, the share of currencies of unfriendly countries, such as the euro and the dollar, continues to decline.
Source: Nansheng's theory of this life