China and Russia have been reducing dependency on US Dollar since 2020
As Russia’s economy gets hammered by sanctions imposed upon by many countries including the US, China has emerged as the key player after it has decided to revert back to its own currency in pursuing trade with Russia. Amid Moscow’s deepening international isolation, Analyst Tom Fowdy on Thursday opined that the US might have to face long-standing consequences of strategic changes in trade pacts between China and Russia. Do the US and its allies realize the long term strategic consequences of this?” Both China and India are reverting to their own currencies in pursuing trade with Russia. “China and Russia will continue to carry out normal trade cooperation in the spirit of mutual respect, equality and mutual benefit”, said Foreign Ministry spokesman Wang Wenbin at a regular press briefing in Beijing.
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