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The Chinese yuan has become a "major player" in Russia's foreign trade, according to Russia Today (RT), citing data released by the Bank of Russia in its Financial Market Risk Report on Thursday.
RT reported that yuan's share in Russia's import settlements jumped to 23 percent by the end of last year, from 4 percent in January 2022. Its share in export settlements also grew to 16 percent from only 0.5 percent.
At the same time, the share of the U.S. dollar and the euro in Russia's foreign trade has decreased "substantially."
In the beginning of 2022, 87 percent of Russia's export settlements were carried out in U.S. dollars and euros. However, as of January this year, the currencies make up less than half of the export settlements, at only 48 percent.
The two currencies in import settlements also fell from 65 percent in January 2022 to 46 percent in December, RT reported.
(Cover: CFP)
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