Russia and China bilateral trade moving to the Yuan, gradually replacing the US dollar

[beijingwalker]

Russia and China bilateral trade moving to the Yuan, gradually replacing the US dollar​

Saturday, February 26th 2022 - 09:54 UTC

Yuan already accounts for over 17% of trade settlements between China and Russia and over 12% of Russia's central bank international reserves

The Ukraine war which has impacted on Russian markets and particularly the plunge of the ruble, should not be a major cause of concern for China-Russia bilateral trade since a growing percentage of business is done with the Chinese currency Yuan, as the two countries move towards de-dollarization, according to financial circles in Beijing.

According to Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, China's goods trade with Russia soared 35.9% to US$146.87 billion in 2021, a record high, which also confirms that China remains Russia's top trading partner for twelve years running.

Likewise China's Commerce ministry stats show that energy imports from Russia surged 47.4% to 334.29 billion Yuan (US$ 52.93 billion) last year, 65.3% of China's total Russia imports

And the Yuan accounts for over 17% of trade settlements between China and Russia and over 12% of Russia's central bank international reserves, according to the bank and customs numbers.

In a fresh sign of the growing preference toward the Yuan, Gazprom Neft, the oil unit of Russian gas giant Gazprom, said it has become the first Russian company to entirely shift to Yuan settlements for fueling planes within China, Sputnik News reported on Friday. Likewise, by the end of the year for Chinese airlines operating in Russian airports.

Russia and China bilateral trade moving to the Yuan, gradually replacing the US dollar

The Ukraine war which has impacted on Russian markets and particularly the plunge of the ruble, should not be a major cause of concern for China-Russia bilateral trade since a growing percentage of business is done with the Chinese currency Yuan, as the two countries move towards...

en.mercopress.com

 

[Beast]

China stay insist on yuan settlement paid off. No one want to get ruble.

 

[Beidou2020]

It won’t be gradual anymore, it will be the only way to pay.

 

[Han Patriot]

Russia is now tied to Rmb system. No. Choice

 

[QWECXZ]

Iran and China are two of the main benefactors of the Ukrainian crisis.

 

[MH.Yang]

China stay insist on yuan settlement paid off. No one want to get ruble.

We need to leave room for anything.
Russia also needs the euro and the dollar. CNY should not show an exclusive desire.
Since the ruble is bound to depreciate significantly in the short term, I agree to refuse ruble settlement.

 

[casual]

We need to leave room for anything.
Russia also needs the euro and the dollar. CNY should not show an exclusive desire.
Since the ruble is bound to depreciate significantly in the short term, I agree to refuse ruble settlement.

Dollar and euro can assets can be frozen by the US.

 

[Abdul Rehman Majeed]

Dollar and euro can assets can be frozen by the US.

Russia has been cut off from Swift payment system.

 

[Han Patriot]

Russia has been cut off from Swift payment system.

Some banks. They can't and won't cut Russia.

 

[vi-va]

Iran and China are two of the main benefactors of the Ukrainian crisis.

Short term, Iran is one of the beneficiary for sure.
Long term, I am not so sure about Iran and China loss versus gain if you put chain reaction from EU, US and world order into consideration.

Ukraine crisis created an example that strong nation can conquer weak one as long as it benefits the former country.

Ukraine is a former Soviet country, but still an independent country. I don't deny the close culture and shared history between Russia and Ukraine, also I am totally aware of the dirty tricks US and EU played in past 31 years in Ukraine.

I fully understand Russia concerns, especially security concerns. But still it broke the world order after WW2, which base on UN principles.

Pandora's box is open, we can ignore it and pretend everything is the same as before.

 

[Beast]

Short term, Iran is one of the beneficiary for sure.
Long term, I am not so sure about Iran and China loss versus gain if you put chain reaction from EU, US and world order into consideration.

Ukraine crisis created an example that strong nation can conquer weak one as long as it benefits the former country.

Ukraine is a former Soviet country, but still an independent country. I don't deny the close culture and shared history between Russia and Ukraine, also I am totally aware of the dirty tricks US and EU played in past 31 years in Ukraine.

I fully understand Russia concerns, especially security concerns. But still it broke the world order after WW2, which base on UN principles.

Pandora's box is open, we can ignore it and pretend everything is the same as before.

The US and western been doing that on Iraq, Syria and Libya and yet we didn't see any consequences of so called broken UN principles. All their action are illegal under UN context.

 

[vi-va]

The US and western been doing that on Iraq, Syria and Libya and yet we didn't see any consequences of so called broken UN principles. All their action are illegal under UN context.

It's true. But US started war against many countries, but no annexation of territory.

Israel did, but it's small.

Ukraine is as large as UK and Germany combined.

 

[Song Hong]

The existing coalition of willing against US imperialism are

1. China
2. Russia
3. Iran
4. North Korea
5. Venezuela
6. Cuba
7. Belarus
8. Syria
9. Afghanistan
10. Serbia

In terms of land area and population, this is no longer insignificant.

 

[S10]

Russia has been cut off from Swift payment system.

Some banks that are irrelevant to the grand scheme of things.

They're still buying Russian gas.

 

[Communism]

I think you are all behind the news curve.

If the EU still intends to keep purchasing Russian resources and assuming that the reporting of EU Freezing/Siezing all Russian Central Bank Assets is what it appears to be, then Russia already cannot accept USD or Euro or JPY etc. ever again.

So will European countries pay Russia in Gold or RMB?