Russia's central bank chief said the yuan's influx into the country's system typifies a 'transformation of the currency composition of our economy.'
Russia has been accelerating its use of the Chinese yuan to counter sweeping Western sanctions.Russia is now the fourth-largest user of the Chinese yuan — after Hong Kong, the UK, and Singapore.The Chinese yuan was the fifth most commonly used currency for global payments in October 2022.
And while Hong Kong, the UK, and Singapore have been mainstays for trading with the Chinese currency, Russia's inclusion is new, as the country didn't even factor into the top 15 countries for yuan usage up till May, according to Swift. The US dollar still dominates currency usage, as 42% of global payments were made via the greenback in October 2022.
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