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Chinese Yuan overtakes US dollar, becomes Moscow's most traded currency


This week China's Yuan has outperformed US dollar at Moscow Stock Exchange as per the group's data. Monday, It became the most traded foreign currency at the exchange with the Yuan-Ruble transactions amounting to 64,900 as against 29, 500 US dollar-Ruble. 

Western sanctions could be one of the major factors in pushing Russia so close to China. 

Russia's share in total global Yuan payments stands at over 4%. Moscow is the third largest market for offshore Yuan transactions after Hongkong and the UK. However, the currency is far behind US dollar in other major economies in terms of global payments. 

Wester sanctions forced Russia to dedollarize its economy and transact more in Yuan. Now Russia' s transaction pertaining to its gas supply to China would be 50% Yuan and rest in Ruble.

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