ICYMI – China’s use of yuan to buy Russian commodities surges | Forexlive

Via Reuters, citing “multiple trading executives with direct knowledge of the matter”

• China has dramatically increased use of the yuan to buy Russian commodities over the past year, with nearly all of its purchases of oil, coal and some metals from its neighbour now settled in the Chinese currency instead of dollars

The latest hard data is from March:

• yuan (AKA renminbi) became the most widely-used currency for cross-border transactions in China, overtaking the dollar for the first time
• its share as a global payments currency remains small at 2.5%, according to SWIFT, compared with 39.4% for the dollar and 35.8% for the euro

BNP Paribas Asset Management in Hong Kong:

• predicts a long-term “snowball effect” as more countries join the “RMB bloc” to reduce risks of dollar exposure, “especially after they’ve seen what the U.S.-led sanctions against Russia have done”
• “This is a very long term development stretching into the coming one or two, even three decades,”

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One for the de-dollarization folks!