Yuan-Ruble Trading Surges as America’s Rivals Rebuff Dollar

Russians are increasingly turning to Chinese goods to replace stalled Western imports and international brands that have vanished from store shelves. Photo: Bloomberg

(Bloomberg) — The emerging multipolar world now includes foreign-exchange markets — as China and Russia, the biggest challengers to U.S. supremacy, boost direct trading between their currencies.

Monthly volumes on the ruble-yuan pair have surged 1,067% to almost $4 billion since the start of the war in Ukraine as the two nations seek to reduce their reliance on the dollar and boost bilateral trade to overcome current and potential U.S. sanctions. The spike coincides with a rally in the ruble to a five-year high against the yuan.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS