Bilateral trade between Russia and China is shifting towards the yuan, gradually replacing the US dollar — MercoPress
Bilateral trade between Russia and China is shifting towards the yuan, gradually replacing the US dollar
The war in Ukraine, which has had an impact on Russian markets and in particular the fall of the rouble, should not be a major source of concern for Sino-Russian bilateral trade since an increasing percentage of business is done with the Chinese currency Yuan, as the two countries move towards dedollarization, according to financial circles in Beijing.
According to Lin Boqiang, director of the China Energy Economics Research Center at Xiamen University, China’s merchandise trade with Russia soared 35.9 percent to $146.87 billion. in 2021, a record, which also confirms that China has remained Russia’s leading trading partner for twelve years. functioning.
Similarly, statistics from China’s Ministry of Commerce show that energy imports from Russia jumped 47.4 percent to 334.29 billion yuan ($52.93 billion) last year. 65.3% of China’s total imports to Russia.
And the yuan accounts for more than 17% of trade between China and Russia and more than 12% of the Russian central bank’s international reserves, according to bank and customs figures.
In a further sign of the growing preference for the yuan, Gazprom Neft, the oil unit of Russian gas giant Gazprom, said it had become the first Russian company to turn entirely to yuan settlements to refuel planes in China, Sputnik News reported on Friday. Likewise, by the end of the year for Chinese airlines operating in Russian airports.