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Russia boosts cross-border settlements in yuan

The currency has even reportedly been used as a means of payment with the UK, US, and EU
Russia is increasing the share of the Chinese yuan in foreign trade and not exclusively with China, RBK reported on Thursday, citing a data from the Economic Development Ministry.

According to the ministry’s calculations, in the first half of 2023, 75% of Russian-Chinese trade turnover was settled in yuan. The yuan’s share in Russia’s settlements with partners besides China also surged in the reporting period and amounted to 25%.

Moreover, the average daily volume of trading in the ruble-yuan pair on the Moscow Exchange approached 200 billion rubles ($2 billion) in the first half of the year, a 100-fold increase since the beginning of 2022, the ministry said.....more below
https://www.rt.com/business/583690-russia-boosts-yuan-settlements/

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