The following report is by RT:
Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said on Tuesday during talks with his Chinese counterpart Xi Jinping, who is in Moscow on a three-day official visit.
We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America. I am sure that these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries.
Putin said.
Two thirds of current trade between Moscow and Beijing is carried out in national currencies – the yuan and the ruble, the Russian president noted.
China’s trade with Russia hit a record high in 2022, growing by nearly a third amid Western sanctions against Moscow. Bilateral trade is on pace to hit over $200 billion this year.
The latest data from the Bank of Russia shows the yuan has become a major player in Russia’s foreign trade, with its share in the country’s import settlements jumping to 23% by the end of last year from only 4% in January 2022. The yuan’s share in export settlements also surged, from 0.5% to 16%.
It is important that national currencies are increasingly used in mutual trade. This practice should be further encouraged, and the mutual presence of financial and banking structures in the markets of our countries should be expanded.
Putin added
Meanwhile, the share of the US dollar and euro in Russia’s export settlements last year dropped substantially, from 65% in January 2022 to 46% in December.
In February, the Chinese currency overtook the dollar as the most traded currency on the Russian stock market for the first time ever, according to data from the Moscow Exchange.
AUTHOR COMMENTARY
This is certainly not great news for the US dollar. Russia has already been embarking on a campaign to “de-dollarize” Russia of American dollars, and ultimately to be detached from the Western system. Meanwhile Russia and China only grow stronger every day; and this move will only add more value to the Chinese currency, as the rest of the world are rapidly moving away from a dying asset – the US dollar, which the purchasing power of it has been eroded by 98% according to new statistics.
SEE: Russia Dumps Of All Its American Dollar Holdings
Moscow Says That ‘De-Dollarization’ Of The Russian Economy Is Imperative
Half Of Russia’s External Transactions Are Now Being Made In Other Currencies
Once the U.S. loses it status of having the world’s reserve currency via the petrodollar, then its gameover. Therefore will go to any lengths to keep it as such. Major global conflict is on doorstep…
But what we see are the Eastern leaders rising to the forefront everyday, and yet Americans and Westerners are so blind in their pride they have no idea what’s happening.
And the sixth angel poured out his vial upon the great river Euphrates; and the water thereof was dried up, that the way of the kings of the east might be prepared.
Revelation 16:12
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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