According to the Global Times of the People’s Daily of the Communist Party of China on the 6th, the transaction between the yuan and the ruble reached 70.3 billion ruble on the Moscow exchange on the 3rd (local time), surpassing the transaction of the dollar and ruble.
The transaction volume of the euro and the ruble was only 47.5 billion rubles .
The number of yuan and ruble transactions was also 64,900, more than double the number of dollar and ruble transactions (29,500).
It was the first time on the Moscow exchange that the yuan’s trading volume and trading volume beat the dollar.
On the 4th, the exchange’s trading volume of yuan and ruble (63.9 billion rubles) and the number of transactions (46,000) surpassed that of dollar and ruble (59.4 billion rubles) and 21500 transactions.
Analysts say this is because Russia, which was kicked out of the International Interbank Telecommunications Association (SWIFT) led by the U.S. after Russia’s invasion of Ukraine, increased the use of yuan as an international payment method.
According to SWIFT, Russia ranked third in July as a country that uses yuan as a means of international payment, and the ratio of Russian companies and banks using yuan as a payment currency also increased to 4%.
Before being excluded from SWIFT, Russia did not even rank in the country’s monthly ranking, which uses a lot of yuan, and Russian companies and banks’ international payments for yuan were only 0% in February and 1.42% in June.
Analysts say the change is proof that Russia is being pushed out of the dollar-based global financial system due to Western sanctions, while at the same time strengthening its cooperative relationship with China.
In fact, trade between China and Russia was $117.2 billion in the first eight months of this year, up 31.4% from the same period last year.
