According to a senior Chinese diplomat, as the country and Russia try to distance themselves from the dollar in their bilateral trade in response to US sanctions policies, the yuan’s share of the trade has risen.
The Chinese yuan’s share of bilateral trade has risen from 3.1 percent in 2014 to 17.5 percent in 2020, Zhang Hanohi, China’s ambassador to Russia, told Interfax.
According to Zhang, Russia has consistently pursued a policy of eliminating the dollar in foreign trade, expanding the use of Chinese currency to buy financial products in the renminbi currency and using it as a reserve currency in recent years.
He added that the Chinese currency, the yuan, has been recognized by the Russian government, businesses and investors.
The Chinese ambassador also said that these changes show the inherent advantage and potential of using the yuan in the Russian market, and show the significant progress that China and Russia have made in diversifying the bilateral trade agreement.