China’s yuan surpasses dollar as most traded currency in Russia

ANKARA

China’s yuan has replaced the US dollar as the most traded currency in Russia, Bloomberg reported on Monday citing data from Moscow Exchange.

The yuan surpassed the dollar in monthly trading volume in February and March as Russia deepened its ties with China after Western countries imposed sanctions on Moscow in the wake of Russia’s war on Ukraine.

In March, Chinese President Xi Jinping paid a three-day visit to Moscow and pledged the Kremlin expanded cooperation in trade, investment, energy and technology.