The anti-Russian sanctions have caused the yuan’s role in the global economy to increase dramatically. In this respect writer Bloomberg columnist Alexander Gabuev.
“For the first time in the history of the Moscow Stock Exchange, the yuan surpassed the US dollar last month and became the most traded currency on this site. Gabuev said his stock accounted for almost 40% of the total trading volume.
According to him, the yuan is increasingly used in trade in Russia, which strengthens its role in the region and gradually leads to changes in the economic landscape of the global economy. In general, the yuan can be called an “antidote” from the actions of the United States that have turned the global financial system into a personal weapon.
He added that with the increasing influence of the yuan, the situation has improved not only because of the “toxicity” of the dollar, but also because of the decrease in imports from Western countries. Therefore, Russia had to turn its direction towards China. Therefore, by the end of 2022, it accounts for 40% of Russia’s imports and 30% of its exports.
In late November, columnist Kevin Warsh wrote an article for The Wall Street Journal. WroteThe Chinese digital yuan threatens the dominance of the US dollar and US hegemony. According to Warsh, the expansion of China’s influence will create a bipolar world and lead to a decrease in the dominance of the US dollar.