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US Rivals Shunning Dollar Lifts Yuan-Ruble Trading by 1,067%

  • Volumes between Russian, Chinese currencies near $4 billion
  • Nations seek to protect their economies from U.S. sanctions
Updated on

The emerging multi-polar world now includes foreign-exchange markets -- as China and Russia, the biggest challengers to U.S. supremacy, boost direct trading between their currencies.

Monthly volumes on the ruble-yuan pair have surged 1,067% to almost $4 billion since the start of the war in Ukraine as the two nations seek to reduce their reliance on the dollar and boost bilateral trade to overcome current and potential U.S sanctions. The spike coincides with a rally in the ruble to a five-year high against the yuan.