Russia has moved up to become the third largest market for yuan payments, according to media reports on August 18th.
Russian firms and banks accounted for 3.9% of international yuan payments by value in July, according to SWIFT. It rose from 1.42% the previous month and from 0% in February.
As a result of Russia’s invasion of Ukraine in February, Western countries have sanctioned Russia, excluding it from the global banking system. The effect of financial sanctions on Russia is well represented in SWIFT’s data.
Chinese Communist Party (CCP) has always aided tyrants in their evil intentions. With the support of CCP, Russia could continue to conduct key exports such as oil with Communist China, India, Turkey and other countries.
Hong Kong still tops the yuan transactions outside mainland China with 73.8% of the total, followed by the UK with 6.4%.
The yuan currently ranks fifth in the international payments market, behind the U.S. dollar, euro, British pound and Japanese yen.
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