Today : 9/19/2024
The politicization of the dollar and using it as an economic weapon has made the de-dollarization process inevitable, so 95% of trade between China and Russia is no longer done in dollars.
"Trade between Russia and China has just broken a record of more than USD 200 billion, a target that had been set to be reached in 2024," Peoples Dispatch reported.
"On a recent visit to China, Russian First Deputy Prime Minister Andrei Belousov stated that this year the use of the Russian ruble and Chinese yuan in trade between the two countries has already reached 95%," it added.
"At the same time, from January to October, 68% of all Russian trade was carried out in the two countries’ currencies," Peoples Dispatch quoted the Russian Minister of Economic Development Maksim Reshetnikov as saying.
"The yuan has also been used by Russia in commercial transactions with Mongolia, the Philippines, Malaysia, the United Arab Emirates, Thailand, Japan, Tajikistan, and Singapore," the media noted.
"The debate about the need for de-dollarization of the economies of the Global South is not new, but 2023 will go down in history as the year in which this process accelerated," it said.