11.11.2026, 17:17
Russia has failed to switch from the dollar to the yuan
Source: OREANDA-NEWS
OREANDA-NEWS Russia's desire to switch to the yuan in international settlements remained unfulfilled, and against the background of secondary US sanctions, the share of the Chinese currency even began to fall. Bloomberg writes about this with reference to the data of the Bank of Russia.
If in May 2024, immediately before the introduction of US restrictive measures, the yuan accounted for 45.2 percent of total payments for Russian exports to friendly countries, then in June 2026 the share fell to 20.8 percent.
To date, Russia receives rubles for 69.7 percent of its exports, although in the middle of 2024 the figure did not exceed 40 percent.
However, the newspaper notes, such widespread use in foreign trade does not mean that the ruble will become an international currency. The fact is that transactions with rubles go through intermediaries, payment agents and cryptocurrency, which makes them expensive and slow.
The article describes Russia's experience as an unprecedented experiment that revealed the limits of Beijing's ambitions to turn the yuan into a mass currency for international trade, financial markets, and central bank reserves. However, the Chinese authorities themselves have repeatedly indicated that they do not seek to make the yuan a full-fledged substitute for the dollar.
Earlier it was reported that in the third quarter, the US dollar accounted for 65 percent of currency exchange applications, the euro — 25 percent, and the yuan - six percent.
If in May 2024, immediately before the introduction of US restrictive measures, the yuan accounted for 45.2 percent of total payments for Russian exports to friendly countries, then in June 2026 the share fell to 20.8 percent.
To date, Russia receives rubles for 69.7 percent of its exports, although in the middle of 2024 the figure did not exceed 40 percent.
However, the newspaper notes, such widespread use in foreign trade does not mean that the ruble will become an international currency. The fact is that transactions with rubles go through intermediaries, payment agents and cryptocurrency, which makes them expensive and slow.
The article describes Russia's experience as an unprecedented experiment that revealed the limits of Beijing's ambitions to turn the yuan into a mass currency for international trade, financial markets, and central bank reserves. However, the Chinese authorities themselves have repeatedly indicated that they do not seek to make the yuan a full-fledged substitute for the dollar.
Earlier it was reported that in the third quarter, the US dollar accounted for 65 percent of currency exchange applications, the euro — 25 percent, and the yuan - six percent.
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