Yuan Transactions Hit Record in Russia

What’s new: The yuan’s share on Russia’s forex market jumped to a record high in July, as Moscow seeks to reduce dollar reliance amid Western sanctions.

The Chinese currency was on one side of 44% of forex transactions on the Russian exchange-traded market last month, up from 39.8% in June, according to a recent report released by the Bank of Russia.

Russia’s exchange-traded forex market is continuing to pivot toward currencies of “friendly” countries, the central bank said.