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China's Yuan Replaces USD As Most Traded Currency In Russia

1 year agoMon, 03 Apr 2023 18:33:58 GMT
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China's Yuan Replaces USD As Most Traded Currency In Russia

China’s yuan has replaced the United States Dollar (USD) as the most traded currency in Russia. This comes a year after Western sanctions were imposed on Russia over its invasion of Ukraine in February 2022.

In February this year, the yuan surpassed the dollar in monthly trading volume for the first time, and this trend continued in March, according to data from the Moscow Exchange.

Before the invasion, the yuan’s trading volume in the Russian market was insignificant, Bloomberg reported.

What changed: This change is attributed to the additional sanctions that have been placed on some of Russia’s banks this year, which have limited their ability to make cross-border transfers in dollars and other currencies from countries considered “unfriendly” by the Kremlin.

How is China’s Yuan involved: Russia has deepened its ties with China since the February 2022 invasion, prompting a break with the West. In March, Chinese President Xi Jinping made his first foreign trip to Moscow since his re-election and promised the Kremlin cooperation in the areas of trade, investment, supply chains, mega-projects, energy and hi-tech.

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How does decrease US Dollar Influence: Sanctions targeting Russia’s financial system have forced the Kremlin and Russian companies to switch their foreign trade transactions from the dollar and euro to the currencies of countries that have refused to join any of the sanctions.

The finance ministry earlier this year switched its market operations to yuan instead of dollars and developed a new structure for the National Wealth Fund to hold 60% of its assets in yuan. The Bank of Russia regularly asks companies and citizens to transfer their assets to rubles or “friendly” currencies to avoid the risk of them being blocked or frozen.

Results: Despite all this, the USD remains by far the most popular currency in the Russian market, rarely losing to China’s Yuan as the most traded currency in Russia on any day, according to exchange data compiled by Bloomberg.

Iskander Lutsko, a strategist at ITI London says there are fewer dollars in the market now as Russia’s revenues fall due to a drop in oil prices and a reduction in exports.

Russia has actually increased exports to China by 29% but exports from China have remained stable.

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45 Comments

Anonymous · 1 year ago
Yaah sanctions are working as intended, Russia will definitely fall
· 1 year ago
😂😂😂😂😂😂 people are very **** huh? You think China is not taking advantage of Russia's position? Russia has it's own currency and it is very weak so this only helps China. Remember China? Our friend from the East who built a multi million dollar building for geriatrics to sleep in during parliamentary debates. If they had used that money to drill boreholes in impoverished ares like Chitungwiza kusingabudi mvura it would have been better. Instead you'll find USAID ndiyo irikuita izvozvo and yet we praise these half awake slave masters. Russia is invading another country people. If Zambia invaded Zimbabwe because they we wanted to be friends with another country, it would very well be the same situation in Ukraine. So **** England, China, Russia, USA
· 1 year ago
😂😂😂😂😂😂 people are very **** huh? You think China is not taking advantage of Russia's position? Russia has it's own currency and it is very weak so this only helps China. Remember China? Our friend from the East who built a multi million dollar building for geriatrics to sleep in during parliamentary debates. If they had used that money to drill boreholes in impoverished ares like Chitungwiza kusingabudi mvura it would have been better. Instead you'll find USAID ndiyo irikuita izvozvo and yet we praise these half awake slave masters. Russia is invading another country people. If Zambia invaded Zimbabwe because they we wanted to be friends with another country, it would very well be the same situation in Ukraine. So **** England, China, Russia, USA
Pindikiti · 1 year ago
Putin Hondo ngaiiende mberi
Mutsa Washe · 1 year ago
ma usa avasisade ngavakakire kuno isu tikumadisa coz toda zvinhu manyanya kwete zhing zhung
future · 1 year ago
kune maprophecies akataura nevekuUs ikoko pamusoro prAmerica kuti ichadonha. ndiwo matangiro acho awa.
Putin 🇷🇺🇷🇺🇷🇺🐊🐊🐊 · 1 year ago
ngauye muno tione ma CCC anoendepi ma Yuan ma nyuwani ma nyama ma currency
Pombiyadonha · 1 year ago
Kune vaya vaiti Russia haipedzi gore rapera inenge yagwadama uye yakundwa muhondo.Ko nhasi tiripapi.Ukraine is in ruins and not a single building in Russia has been destroyed by Ukrainian terrorists.Nearly a third of Ukrainian territory has been liberated and is now under total Russian control.People in these areas are now Russian citizens with Russian passports and IDs.Maruza vapambepfumi nezvimbwasungata zvenyu
Given · 1 year ago
usanyepera vanhu inda kuBelgorod muRussia uchawana mabuilding akaparadzwa kana isingazivi nyarara
Joseph Hill · 1 year ago
Green back the money with the sign of a dragon will never die. Bring back the money with the sign of a dragon. Who doesn't want Yuwesi, the Chinese are hunting for Yuwesi in Zimbabwe repatriating them to China. In God we trust 🙏
sad emoji1
Russia ditched it's currency using yeun · 1 year ago
ndezve 2 mins izvi kuratidza kuti masactions akuvakuvadza .ma2 mins aya
Lawyer · 1 year ago
in Russia not in the world
Zupco 👨‍✈️👨‍✈️🚎🚎 · 1 year ago
Mnangagwa’s journey to Power.* Murder History. Mnangagwa’s History is very tainted. his rise to power left many Graves, widows and Opharns in Zimbabwe. His hands are dripping with blood of innocent civilians dating back to liberation struggle in Mozambique. 1). In Mozambique Mnangagwa instructed the abduction of three innocent girls, whom he impregnated, as way of destroying evidence that he raping young girls . These girls were killed on different occasions, Mutsvangwa Monika survived because she was then given to Chris Mutsvangwa while she was pregnant. 2). He facilitated the punishment of Rugare Gumbo and Chihuri. vakakandwa muchikarabotso. 3). He is the one who killed Tongogara so that he remains relevant to Mugabe. 4). He also facilitated the Death of Herbert Chitepo in Zambia . 5). He is the one who commanded the massacre of people in Matebeleland Gukurahundi , liken humans to cockroaches. Over 20 000 killed. 6). He is the one who killed all the Zanu Pf political Commissars who died by Road accidents ,Morris Nyagumbo, Mahachi, Gezi, Manyika etc. 7). He abducted Rashiwe Guzha, and killed him while he was Minister of state security. 8). He forced Majonga to jump from a flat over the window from fourth floor after they clashed on a girl friend in eastlea. 9). He killed a lot of young girls in eastlea as way of silence those who were pregnant using CIOs. 10). He is the one behind the death of Juda Jongwe and others in early 2000 11). He is the architecture of 2008 after Mugabe was defeated by Morgan Tsvangirai , and agree to give him power. it was Mnangagwa who refused, and instruct all Provincial structures to set up bases in each and every ward, deploying soldiers to command the bases, and over 250 human lives were lost and over 30 000 people were tortured and brutalized. Strive Masiiwa funded the runoff with over 80 million US dollars forcing Mugabe to call for other election on 27 June. 12) Mnangagwa tried without success to force Mugabe to refuse GNU in 2009. 13) He killed Chindori Chinenga after he exposed the looting of Diamonds by Mnangagwa , Chiwenga and Mpofu at Chiadzwa. 14) He killed Solomon Mujuru, to pave way for the dismissal of Mai Mujuru, with the help of Chiwenga. thats why you hear some Zanu PF guys always say, vanhu ava vakabva kure vose. 15) He is the one who killed Save after he put a long cancer in his food using Tizora at state house. 16) He is the one who abducted and killed Itai Dzamara. he was the acting President when Dzamara was abducted. it was after he lost control of zanu pf structures and tried to use Dzamara for uprising. Dzamara was picked up in Glenview, by MID instructed by Chiwenga, and there is only one unit which abduct people in Zimbabwe, which is the MID. 17) He killed over seven security people, including Munetsi, a former CIO boss During the coup 2017 using the MID . 18) August 1 killings, he is the one who instructed the soldiers to kill innocent civilians. The report is there. 19) January 14 2019 killings, over 20 people died. he instructed army to . you know this is still fresh. This is what I know I know you may know more than this. Let’s share in all groups so that people know who is Mnangagwa.
· 1 year ago
Some people are blinded by hate.
biden · 1 year ago
Us dollar remains the most popular currency in Russia so these are forced circumstances, because of sanctions, the problem with their economy is it is based on, oil and is not diversified enough
Anonymous · 1 year ago
True.
Zanu · 1 year ago
Ed is the best president .ma guys Victoria Falls kutora vanhu izvezvi vanoda mabasa zvamwari chaizvo this is a comment section but tiri vanhu vamwe pliz visit it website ..Bayete lodges .and Batonga hotel pliz unogona ku chancer .pamberi na ed munangagwa but zvandanyora it true
Anonymous · 1 year ago
Strive's daughter and her mum. Are they ED?
KK · 1 year ago
Iri ndorinonzi bhoora ngoma chairo dzungairwa zvaro
Pidigudhi · 1 year ago
surprisingly we all want to go to America and and to the West. Not Russia, China, North Korea, Iran or Belarus. if ever one is posted there it's only to learn how to make people disappear, murder and elections rigging
i am Izogie · 1 year ago
That still doesn't change the fact that there are 49million kangaroos in Australia and 3.5million people in Uruguay which means if the kangaroos were to invade Uruguay, each person will have to fight 14 kangaroos 😤
2
Anonymous · 1 year ago
I wonder how some people are just not seeing that
Brother Paul Pattini · 1 year ago
So sad kuoona ma**** akazara pano paPindula.Russia has been sanctioned and it’s hard for thwm to use US$ so they will definitely use a currency of their allies we all know Zim RTGS and Belarus money are useless saka vanoshandisa zviripo.ngaridzoke kaa YUWESI tioone kuti Putin haarishandise kutenga chingwa here Ukashaya huni kumusha unobika nendowe
1
Anonymous · 1 year ago
I wonder how some people are just not seeing that fact. Kuhwanda nemunwe.
Patriot · 1 year ago
This is a serious lesson to the African continent
1
Anonymous · 1 year ago
I hope every African leader is learning from what Russia is doing, I actually think its a colonial mindset to think that we need US$/€/£ or any other foreign currency for that matter for us to thrive economically. I have come to realize that things havent changed a lot in terms of an African mindset since the time Europeans and other races came to Africa, the Europeans came with guns, clothes and a some jewellery made with our gold in exchange for much more valuable minerals. The problem was and still is that Africans were made to believe that whatever the white guy makes or have is more valuable than what we can make as Africans. I believe the same tactics that were employed to colonize africa are still the same today but they are just mordenized in the sense that we want the US$/€/£ and US/UK/EU companies to run their businesses in our beloved Africa. As long as Africa continues with such a mindset, slave trade and colonization are still active in Africa. Europeans and Americans have been bullying the world for centuries from Slave trade, Colonization, world war e.t.c. Putin has sent a message to the whole world (ofcourse war always comes with its problems weather you win or lose thereafter) and that message is we are independent and we dont care what everyone else says or think. For the record the US$ and £ ihas also been falling further since the war in Ukraine began. I can only imagine what would happen to these super currencies if the 57 states in Africa takes a united stunt like what Russia n China are doing. There is a guy in N.Korea who also happens to be sending a message again (prsident Kim). Africa must rise. Svinura Africa
1
truth · 1 year ago
if all Africans would see in the same eye as this,then Africa would rise proclaim it's humanity and diginity
1
Anonymous · 1 year ago
Negative noutungamiri hwakarurama rusingabiri vanhu chete
Ras · 1 year ago
Profound truths....ma'ibuye i'Afrika
1
Anonymous · 1 year ago
Serpents from the West.Americans are the most dangerous creatures on this earth.
Gordon Mware · 1 year ago
Tambira rtgs tozotaura😂
football · 1 year ago
Chehle ne Liverpool ririko nguvai bhora racho team rangu..??
Anonymous · 1 year ago
2045 tomorrow
observer · 1 year ago
Im happy to see when once opressed nations rise against the opressor, even when the opressors try hard to bully china down. I wish africa will do business with these people,china,russia and the club,they respect our cultures and dont try to change us or tell us what to do, unlike US and friends who till this day treat us like second class cytizens,tell us what to do as if they own us, tell us who to play with and have utmost no respect of african countriesand their cultures, now the us is sending african american comedians like steve harvey and kevin hart to lure african countries to have relations with the US by using motivational speaches and ....u guesed it, TELLING US WHAT TO DO(Kevin hart telling news reporters what to report to the US ,watch it on utube) yet china is building bulet trains and developing affrica so it can have an equal friend to trade with in future rather than to exploit, US just wants to flood its papers in africa and take resources, oooh america,when will you ever learn. I hope whoever is a zim president wont be a US butt liker👅
1
Lukoo · 1 year ago
Iwe dunderrhead ukuita noise uchitaura nonsense ft pamberi ne US world 🗺 wide currency 💱 hamuimise whatever uu try more sanctions kne vamisikanzwa avo
Ratti Capone · 1 year ago
Tenders panzvimbo uko
zinja · 1 year ago
Hapana kwazvinosvikaba izvi. Russia is in a war so their economy is not predictable
· 1 year ago
Russia has actually increased exports to China by 29% but exports from China have remained stable. haaaaaaaa pindula ndasarenda 🙌🙌🙌🙌🙌🙌🙌
Dzingai N · 1 year ago
good move of ditching the us$, others will follow
Mutsa Washe · 1 year ago
their doctatorial tendencies will alway make them fall. people belong to almighty creator. Hate it but its fact US leadership is fair to its own people.
Anonymous · 1 year ago
US is like a bully, those friends around it with low self estime feal safe besides the abuse and never rising and those at a distance see it for what it is, look at what it did to china when it was about to rise,gave it sunctions,baned its 5G technology and spred propaganda about the tech, and lets not forget covid,but china still rises,AND LETS NOT FORGET LYBIA and the REAL reason Gadaffi was killed
1
Zanu · 1 year ago
Ummm haa china now rising

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