Russia's failure to replace the dollar with the yuan.

Russia's failure to replace the dollar with the yuan.

Russia's attempt to replace the dollar with the Chinese yuan has stalled under the pressure of secondary US sanctions. This failure shows what major obstacles other countries face in overcoming the dominance of the dollar.

Data from the Central Bank of Russia show that despite the increase in trade with China, the share of the yuan in Russia's export payments reached 22% this year.

That figure is half of its peak in mid-2024, when Washington expanded its secondary sanctions. Russia now accepts rubles for 69% of its exports in trade with Asia.

According to Bloomberg, Russia's experience was an unprecedented test that revealed the limits of Xi Jinping's goals to make the yuan a powerful currency in international trade and financial markets.

Chinese authorities stress that they have no intention of replacing the dollar as Beijing imposes severe capital restrictions to control currency flows. The world of economics.