Russia's attempt to replace the dollar with the Chinese yuan failed. Bloomberg.
Despite increasing trade with China, the yuan's share of payments for Russian exports has halved this year to 22 percent from a peak in mid-2024, when the U.S. extended secondary sanctions, according to the latest data from Russia's central bank. In trade with Asia, Russia now accepts rubles for 69% of its exports.
The move away from the yuan has led to Russian companies facing increasing challenges in making cross-border payments. Unable to settle directly in Chinese currency, the companies are forced to use intermediaries, third countries and more complex payment channels, making transactions slower, more expensive and less predictable.
According to SWIFT data, the yuan's share of the world economy has returned to pre-conflict levels and dropped to fifth place after the Japanese yen.