The use of national currencies in Russia–China trade relations continued to grow in 2022, marking a notable shift in bilateral commerce. Statements from senior officials in Moscow and Beijing highlighted a clear trend: a rising portion of trade is conducted in the ruble and yuan, instead of relying solely on a third currency. This trend reflects deliberate steps by both economies to diversify payment methods and reduce exposure to external financial fluctuations.
During a recent briefing, the Russian Ambassador to Beijing, Igor Morgulov, conveyed the assessment that the share of bilateral trade settled in rubles and yuan reached about half of total trade when evaluated against the previous year’s outcomes. In other words, roughly 50 percent of exchanges between Russia and China were being settled in their own currencies, with yuan and rubles playing a dominant role in the payment mix. This milestone was described as a significant development in the financial interoperability of the two economies.
Ambassador Morgulov characterized the shift toward national currencies as a powerful and ongoing momentum. He noted that the rate of adoption within trade settlements, including the flow of energy products, had progressed rapidly. The emphasis on pricing and settlement in rubles and yuan for certain energy supplies underscored the strategic importance of currency diversification in bilateral energy commerce, which constitutes a substantial portion of total trade and has implications for price formation, settlement risk, and financial stability for both nations.
Beyond trade payments, Morgulov also observed an uptick in demand for the yuan within Russian financial markets. The increased interest in yuan-denominated instruments in Moscow’s capital markets reflects a broader alignment with Asia-Pacific financial channels and a willingness among investors to diversify currency exposure as part of a diversified portfolio strategy.
Looking ahead, Moscow has publicly articulated the goal that the two countries would surpass major trade thresholds as they expand their economic partnership. Analysts have pointed to the possibility that bilateral trade could exceed the two-hundred-billion-dollar mark in the near term, driven by stronger cooperation in energy, manufacturing, and technology sectors. This trajectory depends on continued alignment of regulatory frameworks, financial infrastructure, and supply chains that facilitate cross-border commerce in rubles and yuan.
Industry observers note that Chinese business circles have approached Russia’s market with cautious optimism. While there is confidence in growing opportunities, some participants prefer a measured approach to expansion, balancing long-term ambitions with current risk assessments. This conservative stance is typical in rapidly evolving international trade contexts and suggests a prudent path toward deeper economic integration, especially as regulatory and market conditions in both countries evolve in response to global financial dynamics and regional geopolitical developments.