EBRD Sees Challenge to Dollar from Russia’s Trade in Yuan

Russia’s rising trade in the yuan in the wake of the war in Ukraine and western sanctions may end up undermining the US dollar, according to the European Bank for Reconstruction and Development.

“You see that this increase in the usage of the Chinese currency is coming at the expense of the US dollar,” EBRD Chief Economist Beata Javorcik said in an interview. Sanctions have “also given impetus to countries to think about diversifying invoicing currencies, and long-term this could erode the dominance of the dollar.”