The Wall Street JournalThe Wall Street Journal

Russia turns to China’s yuan in effort to ditch the dollar

By Chelsey Dulaney, Evan Gershkovich

28 Feb 2023 · 5 min read

The Chinese currency’s rise inside Russia is deepening ties between the two countries and could well lead to a more fractured global financial system, reports The WSJ.

Curated by informed

Russia’s economy, restricted from Western financial networks and the U.S. dollar, has embraced a burgeoning alternative: the Chinese yuan.

Energy exporters are increasingly getting paid in yuan. Russia’s sovereign-wealth fund, a war chest to support government spending burdened by battlefield costs in Ukraine, is using the Chinese currency to store its oil riches. Russian companies have borrowed in yuan, also known as renminbi, and households are stashing savings in it.

The news, curated.

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