Ruble-yuan trade soars over 1,000% ...News

Russia Today - Economy
Ruble-yuan trade soars over 1,000%
source : Russia Today ( News ) () 4
Russia and China are ditching the US dollar in favor of national currencies Russia and China are continuing to eliminate the US dollar from mutual trade as monthly volumes on the ruble-yuan pair have reportedly soared 1,067% to nearly $4 billion over the past three months. According to Bloomberg calculations, some 25.91 billion yuan, or $3.9 billion, have been exchanged for rubles on the Moscow spot market so far in May, marking a twelvefold surge versus the volumes recorded in February, when Russia launched its military operation in Ukraine. The spike coincides with a rally in the ruble to a five-year high agains

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