Defence Monitor

global economic hegemony

Buoyant ruble-yuan trade between China, Russia drives dedollarisation

Buoyant ruble-yuan trade between China, Russia drives dedollarisation

New Delhi, May 6 (IANS) Against the backdrop of Russia cutting its usage of the US dollar, the Chinese yuan and Russian ruble are now the most used currencies in bilateral trade, which was unimaginable even two years ago. The US dollar has stepped down from the altar, and now people can see it more clearly, Global Times, a Chinese mouthpiece, said in a recent article. "If we look at the structure of trade between China and Russia, more than 70 per cent of bilateral trade is settled in yuan or ruble", Anton Siluanov, Russian Minister of Finance, was quoted as…
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