17.03.2023, 10:21
Bloomberg: anti-Russian sanctions have led to the strengthening of the role of the yuan in the global economy
Source: OREANDA-NEWS
OREANDA-NEWS Anti-Russian sanctions played into the hands of the yuan, writes Bloomberg columnist Alexander Gabuev.
In Russia, the Chinese currency is increasingly used in trade, which increases the role of the yuan in the region and leads to a change in the landscape of the world economy.
In fact, the Chinese currency is expanding, and today it can be called an "antidote" to the actions of Washington, which is turning the global financial system into its weapon.
"For the first time in the history of the Moscow stock exchange, the yuan overtook the US dollar last month and became the most traded currency on this platform. Its share amounted to almost 40% of the total trading volume," Gabuev said.
The observer also stressed that, according to the Bank of Russia, the share of payments for Russian exports in Chinese currency in the first nine months of 2022 increased from 0.4 percent to 14 percent. Today, accounts in yuan can be opened in all major banks, and therefore the deposits of Russian families in Chinese currency have increased from zero to six billion dollars over this period of time. And this is 11 percent of the total volume of foreign currency stored there.
Gabuev noted that such revolutionary changes are explained not only by the "toxicity" of the dollar and the euro in Russia due to sanctions, but also by changes in the geography of Russian trade. Imports from Western countries have collapsed due to sanctions, and exports to the West are increasingly declining. Therefore, Moscow had no other choice but to switch most of its trade volumes to China. That is why last year it accounted for 40 percent of Russian imports and 30 percent of exports.
In Russia, the Chinese currency is increasingly used in trade, which increases the role of the yuan in the region and leads to a change in the landscape of the world economy.
In fact, the Chinese currency is expanding, and today it can be called an "antidote" to the actions of Washington, which is turning the global financial system into its weapon.
"For the first time in the history of the Moscow stock exchange, the yuan overtook the US dollar last month and became the most traded currency on this platform. Its share amounted to almost 40% of the total trading volume," Gabuev said.
The observer also stressed that, according to the Bank of Russia, the share of payments for Russian exports in Chinese currency in the first nine months of 2022 increased from 0.4 percent to 14 percent. Today, accounts in yuan can be opened in all major banks, and therefore the deposits of Russian families in Chinese currency have increased from zero to six billion dollars over this period of time. And this is 11 percent of the total volume of foreign currency stored there.
Gabuev noted that such revolutionary changes are explained not only by the "toxicity" of the dollar and the euro in Russia due to sanctions, but also by changes in the geography of Russian trade. Imports from Western countries have collapsed due to sanctions, and exports to the West are increasingly declining. Therefore, Moscow had no other choice but to switch most of its trade volumes to China. That is why last year it accounted for 40 percent of Russian imports and 30 percent of exports.
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