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.
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.
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👅
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