The Russian Foreign Ministry announced the de-dollarization of economic ties with China
By Rhod Mackenzie
More than 80% of payments between the Russian Federation and China are made in national currencies, so we can declare that the de-dollarization of economic relations between the two countries has taken place, said Georgy Zinoviev, director of the first Asian department of the Russian Foreign Ministry, on September 9.
“The share of national currencies in Russian-Chinese payments is growing at an extremely rapid pace: if at the beginning of 2022 it was about 25%, then currently it is over 80%. In fact, today we can already state the de-dollarization of bilateral economic ties,” he said in an interview with RIA Novosti .
Zinoviev noted that trading in the ruble/yuan pair on the Moscow Exchange has long exceeded trading in the US dollar in volume. In addition, Russian and Chinese economic operators are moving away from Western countries, choosing safe means of payment - the ruble and the yuan.
“The tools formed thanks to the work of the relevant departments of our countries make it possible to facilitate all necessary operations as much as possible,” the diplomat added.
On September 3, in an interview with the Turkish newspaper Aydinlik, the official representative of the Russian Foreign Ministry, Maria Zakharova, said that dedollarization is not the goal of specific states or companies. It became a reality because the dollar had become a problematic currency, she explained.
On August 1, professor of the Department of Finance and Banking at RANEPA, economist Yuri Yudenkov pointed out that the American dollar has been a world currency for about 100 years, while there is a gradual trend towards a decrease in its role in world trade. This may indicate that the currency is nearing the end of its natural life .
On August 31, US Congresswoman Marjorie Taylor Greene said that the development of trade between the BRICS countries with the abandonment of the US dollar would have a devastating impact on the US and break the country.
