Russian trade with China sees increased yuan usage
(MENAFN) Russia is increasing its utilization of the Chinese yuan in international trade, and this shift is not limited to trade exclusively with China, as reported by RBK with reference to data from the Russian Economic Development Ministry. The ministry's calculations indicate that during the first six months of this year, 75 percent of trade between Russia and China was conducted using the yuan. Furthermore, the yuan's share in Russia's trade settlements with countries other than China also witnessed a significant rise during the same period, reaching 25 percent.
Additionally, the Moscow Exchange recorded a noteworthy surge in the average daily trading volume of the ruble-yuan currency pair in the first half of the year, reaching nearly 200 billion rubles (USD2 billion). This marked an astonishing 100-fold increase since the beginning of last year, signaling the growing importance of the yuan in Russia's international trade and financial activities.
Information from additional sources reinforces the rising preference for the Chinese currency in Russia's foreign trade. The European Bank for Reconstruction and Development (EBRD) recently released a study that examined 12 million import transaction records originating from Russia.
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