De-dollarization: 95% of trade between China and Russia was done without dollars

Dedollarization: 95% of trade between China and Russia was denominated in dollars

Russia and China have more than fulfilled the plan to increase the volume of mutual trade to 200 billion dollars by the end of the year.

Peoplesdispatch website reports that Russian First Deputy Prime Minister Andrey Belousov said during his recent visit to China that the use of Russian ruble and Chinese yuan in trade between the two countries this year has reached 95%.

According to Maxim Reshetnikov, the Minister of Economic Development of Russia, 68% of Russian trade in the period from January to October was carried out in rubles and currencies of partner countries.

In particular, Russia used the yuan in trade with Mongolia, the Philippines, Malaysia, the United Arab Emirates, Thailand, Japan, Tajikistan and Singapore.

Debates about the need to move away from the dollar in Southern (Third World) economies are not new, but 2023 will be recorded in history as the year in which this process accelerated.