China’s Yuan Replaces Dollar as Most Traded Currency in Russia

(Bloomberg) — China’s yuan replaced the U.S. dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow.

The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, according to data compiled by Bloomberg based on daily transaction reports from the Moscow Exchange. Before the invasion, the yuan’s trading volume on the Russian market was negligible.