Skip to content
Edit post

Bloomberg: Trade of yuan in Russia's foreign exchange market reaches record high

by Nate Ostiller and The Kyiv Independent news desk April 8, 2024 10:25 PM 1 min read
A Chinese citizen is counting Chinese yuan in Fuyang, Anhui province, China, on February 20, 2024. (Costfoto/NurPhoto via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

The trade of Chinese yuan on Russia's foreign exchange market has grown to a record high as the share of euros and dollars have dropped, Bloomberg reported on April 8, citing data from Russia's central bank.  

The data was another illustration of the increasing importance of the yuan in Russia's economy amid the growing de-coupling from Western financial systems.

The trade turnover of yuan in March was 53% of the total foreign currency exchanges, compared to just 3% in March 2022.

Russia has sought to reduce the usage of dollars and euros in its economy, referring to the currencies as "toxic."

Russian Central Bank head Elvira Nabiullina said that the "share of the dollar and the euro has practically halved" over the past year.

At the same time, Western sanctions have also impacted Russia's ability to make payments in yuan.

The Russian state-controlled media outlet Izvestia reported in March that several Chinese banks had stopped accepting payments from Russia in yuan, fearing ramifications of U.S. sanctions.

China has fostered close ties with Russia during its full-scale war against Ukraine, tightening economic cooperation and disrupting Western attempts at isolating Russia.

Russian FM Lavrov arrives in China on official visit
Russian Foreign Minister Sergei Lavrov has arrived in Beijing, China, on a state visit, the Russian Foreign Ministry announced on the morning of April 8.
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
3:45 PM

Moldova, EU sign pact on security, defense.

"It (partnership) will allow to jointly address common security challenges, make our engagement more effective and explore new areas of cooperation," European Union's top diplomat Josep Borrell said.
9:24 AM

Russian delegation arrives in North Korea.

According to U.S. Secretary of State Antony Blinken, these military ties are increasingly a "two-way street," in which North Korea provides Russia with military equipment to use in Ukraine.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.