Russia and China Conduct 90% of Trade in National Currencies, Ditching US Dollar

Aug 23, 2024, 06:23 AM

Russia and China have significantly reduced their reliance on the U.S. dollar for bilateral trade, with over 90% of transactions now conducted in their national currencies, according to Russian Foreign Minister Sergey Lavrov and Finance Minister Anton Siluanov. This move is part of a broader trend of de-dollarization, as other countries also explore alternatives to the dollar. In addition, Russia is planning to establish two cryptocurrency exchanges, one in Moscow and another in St. Petersburg, to facilitate foreign economic activities. These exchanges will operate alongside the development of a stablecoin linked to the Chinese Yuan and the BRICS currency basket, further supporting Russia's shift away from the U.S. dollar.