Bloomberg reported that the Chinese currency, the yuan, was able to replace the dollar in Russia, as the yuan has become the most traded currency in the country, and Western sanctions have helped achieve this.
And the agency stated, in a report based on daily transactions on the Moscow Stock Exchange, that the yuan outperformed the dollar in terms of monthly trading for the first time last February, and the difference between the two currencies became clearer last March.
She pointed out that the large-scale restrictive measures against Moscow and Russian companies prompted the conversion of foreign trade operations from the dollar and the euro to the currencies of friendly countries, i.e. the currencies of countries that refused to join the sanctions.
The agency also pointed out that the Russian Ministry of Finance earlier this year transferred its operation in the market to the yuan instead of the dollar, and a new structure was adopted for the National Welfare Fund (a Russian sovereign fund), which allows the acquisition of 60 percent of its assets in yuan.
And for other reasons that helped the yuan strengthen its position in Russia, it was reported that the Russian Central Bank constantly recommends companies and individuals to transfer their assets to the ruble or to the currencies of friendly countries to avoid the risks of freezing it.
This article was originally published by RT.