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The US Dollar Has Been Replaced By The Chinese Yuan

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The US Dollar Has Been Replaced By The Chinese Yuan

(CTN News) – The Chinese Yuan has gained more traction in the Russian market, and has overtaken the US dollar in trade, despite the ongoing genocide in Palestine as I write this article.

As reported by recent data reports, the trade in yuan accounts for 42% of the total currency trades in Russia, while the trade in the dollar accounts for 39.5% of the total currency trades.

As a matter of fact, according to the statistics, by the end of 2023, the trading volume for the yuan will have tripled, reaching $385 billion, which is more than double the volume of trading in 2013.

Because the yuan is used in such extensive amounts, it is expected that this year, the trading of yuan will increase even more than what it did last year due to its extensive usage.

As a result of the ongoing war in Ukraine, Russia faces several sanctions that have been imposed by the West, especially the United States.

The imposition of sanctions has caused a number of difficulties, hampering Russia’s global supremacy status, preventing it from carrying out national and international transactions via the traditional and established routes.

There are a number of alternatives to evading these sanctions, including the use of Chinese yuan currency in foreign trade and offshore transactions to replace the US dollar, in order to circumvent these sanctions.

As a result of the Russian government’s escalating opposition to the use of the dollar, the idea of “dedollarization” has now been brought up in order to counteract this, as a means to counteract the use of the dollar in Russia.

In an interview, Russian Prime Minister Mikhail Mishustin was quoted as saying that he would like to see Middle Eastern oil producing countries switch from the US dollar to their local currencies and regional currencies.


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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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