Amid Western sanctions, China’s yuan has its moment in Russia
Al JazeeraThe Chinese currency is popular like never before because of the ‘toxicity’ of the dollar and euro for Russians, say experts. Analysts said that Russia’s pivot to the yuan could provide a boost to China’s ambitions of promoting greater international usage of its currency, while also helping Moscow to bypass Western sanctions aimed at severing it from the global financial system. “The popularity of yuan is due to the growing toxicity of the dollar and euro for Russians,” said Alexandra Prokopenko, an independent analyst who previously worked as an adviser to the Russian central bank. “China is Russia’s largest trading partner so it’s logical that there’s a growing demand for yuans on the Russian market,” Prokopenko said. “Businesses need yuan to conduct trade settlements because under the current conditions, it’s easier to do so in yuan than in dollars or euros.” Since the start of the war, Russia has become the third-largest market for yuan payments outside mainland China, accounting for nearly 4 percent of international settlements involving the Chinese currency in July, according to the SWIFT payment system.
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