16 Hrs
Source:
الاقتصادية
Source: الاقتصادية
16 Hrsالاقتصادية
Source: الاقتصادية
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Russia has effectively abandoned its efforts to replace the dollar with the yuan in trade, after the Chinese currency’s share of payments for Russian exports fell to 22%—half its peak in mid-2024. Meanwhile, 69% of Russia’s exports to Asia are settled in rubles. The decline followed threats of US secondary sanctions, which prompted Chinese banks to scale back their dealings with Russia, disrupting cross-border payments and driving up costs: transactions routed through intermediaries now cost between 15% and 20% of their value. The experience highlights the limits of the yuan’s international reach and reinforces the dollar’s continued dominance.
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