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The original was posted on /r/worldnews by /u/Carla_DFW on 2024-06-16 15:17:36+00:00.
Russia adopts Chinese yuan-to-ruble as benchmark exchange rate after US sanctions force a further move away from the dollar
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Moscow is adopting the Chinese yuan-to-ruble exchange rate as its benchmark currency pair after the US expanded sanctions against Russia on Wednesday, the country’s central bank said on Thursday.
The central bank added in its statement to Russia’s RBC News that the yuan has become “the main currency” on the Moscow Exchange.
Russia has been seeking alternative trading partners and payment systems since the West hit the country with sweeping sanctions following its invasion of Ukraine in February 2022.
Russian leader Vladimir Putin himself doubled down on his call to phase out the use of the US dollar and other “toxic” currencies earlier this month.
Moscow is also working with the BRICS bloc of major emerging countries on a payment platform to bypass the use of the US dollar — the world’s dominant reserve currency for decades.
Meanwhile, countries around the world are also diversifying their assets and chipping away at the dominance of king dollar over fears that — like Russia — they could be shut out of the dollar-based global financial system should sanctions hit.
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