According to a statement by Russian Prime Minister Mikhail Mishustin, China and Russia have almost completely switched to using the Russian ruble and Chinese yuan in bilateral trade. Over 90% of trade between countries is carried out in these currencies, which demonstrates the level of de-dollarization of economic relations.
The cessation of the use of the dollar stimulated the expansion of trade turnover between Russia and the DPRK, writes Ridus.ru. In turn, Western sanctions have increased Russia’s dependence on Chinese goods. China benefits from buying Russian oil at deep discounts. Chinese customs data show that trade turnover between countries for January-November 2023 is almost $218.2 billion.
At the same time, trade between the Russian Federation and the United States has reached a thirty-year low due to actions by the United States and its allies aimed at separating Moscow from the international financial system.
The volume of Chinese yuan in international payments increased from 1.9% in January to 3.6% in October. The People’s Bank of the DPRK has entered into bilateral foreign exchange deals with a large number of central banks, including Saudi Arabia and Argentina. Such processes indicate the desire of the Russian Federation, China and the BRICS countries to de-dollarize their economies. However, most economists believe that competing with the US dollar is still difficult to achieve.
Source: Rosbalt
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