Russia Releases Moscow-Beijing De-Dollarization Update
TEHRAN (Tasnim) – The de-dollarization of Russia-China trade is practically complete, the director of the Russian Foreign Ministry’s First Asian Department said on Saturday.
Georgy Zinoviev said the share of the US dollar in mutual settlements between the neighboring nations has fundamentally slumped over the past two years.
“The share of national currencies in Russian-Chinese payments is growing at an extremely rapid pace,” Zinoviev said, adding, "At the beginning of 2022 it was hovering around 25%, now it is exceeding 80%."
He added that the volume of trading in the ruble-yuan pair on the Moscow Exchange (MOEX) outpaced volumes in the dollar-ruble pair long ago.
According to Zinoviev, Russian and Chinese businesses are “rapidly moving away from the ‘toxic’ Western currencies, opting for the ruble and yuan as more reliable and safe way of payment.”
The diplomat noted that Moscow and Beijing have developed vital tools to make it possible to “facilitate all necessary transactions as much as possible,” despite international political and economic instability that considerably affects financial institutions and their ability to efficiently operate.
