Western restrictions imposed on Moscow have boosted the Chinese currency, Oleg Deripaska claims
Yuan benefiting from sanctions on Russia – tycoon
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The share of Chinese yuan in global payments has nearly doubled because of the sanctions policies pursued by the US and the EU, Russian businessman Oleg Deripaska said on Wednesday.

The aluminum magnate referred to a report in the Financial Times, which cited figures showing that global settlements carried out in the Chinese currency had gone from 1.9% in January 2023 to 3.6% in October.

“The number of worldwide transactions made in Chinese yuan has doubled over the past year, highlighting the extreme success of European and American sanctions policies,” Deripaska said in a sarcastic remark on his Telegram channel.

The billionaire added that volumes of cross-border trade payments in Chinese yuan would exceed those made in euro within just four years.

“And at this point the sanctions can be considered a finished exercise,” he added......more
https://www.rt.com/business/588608-deripaska-sanctions-yuan-transactions-growth/