
Yuan Not Dollar
Yuan now the top foreign currency in Russia Forbes say
Russia took third place among countries using the Chinese yuan in international payments in July as its share on the global foreign exchange market peaked to 6.3-fold in just three months, Forbes magazine revealed, citing statistics provided by the SWIFT international payment system, Friday.
Russia accounted for 3.9% of yuan transactions in July (up from 1.42% in June), according to SWIFT’s figures cited by the publication. The UK demonstrated higher results (6.35%), whereas Hong Kong remained the leader (70.93% compared with 73.82% in June). According to SWIFT’s rating, Russia was followed by Singapore (3.77%) and the United States (2.98%).
Compared with June’s results, Russia moved up four notches, subsequently knocking out Singapore from top three ranking. Russia just entered the SWIFT rating in April when its participation in global trade using the Chinese currency was estimated at 0.62%. Since then, Russia’s share has skyrocketed six-fold, SWIFT revealed.
In July, the yuan remained one of top five most traded currencies as stated by analysts of the interbank system. Despite a decrease in the cost of transactions by 6.7% compared with June, the Chinese currency accounted for 2.2% of the total amount of international trade in July, according to analysts’ calculations.
On Thursday, trading in yuan surpassed the greenback for the first time ever, according to data disclosed on the Moscow Exchange’s website.
The rise of the Chinese yuan support the argument that sanctions are working and squeezing Russia out of the U.S. dollar-based global banking system. But it will also back those who say it will eventually make the yuan the global reserve currency outside the western system.
Source Forbes/TASS
About Post Author
felastory
Share this:
- Click to print (Opens in new window)
- Click to share on LinkedIn (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Click to share on Pinterest (Opens in new window)
- Click to share on Pocket (Opens in new window)
- Click to share on Telegram (Opens in new window)
- Click to share on WhatsApp (Opens in new window)
- Click to share on Skype (Opens in new window)
- Click to email a link to a friend (Opens in new window)
More Stories
Russian Region Flooded
Kherson Region flooded after Ukrainian cannon artillery and HIMARS missile destroyed hydroelectric dam's floodgates The Kakhovka hydroelectric dam in Russia’s...
Dead or Alive?
Kiev denies its intelligence chief Kirill Budanov was killed in a Russian airstrike dismisses reports of his death as "disinformation"...
FBI Spy Found Dead
Robert Hanssen a former FBI agent who spied for the Soviet Union and later Russia for more than 20 years...
Forced to Retreat
Ukrainian forces on counter offensive in the Donbass forced to retreat by Russian forces after failing to breakthrough defence lines...
Near Collision
Chinese PLA Navy destroyer in near collision with US and Canadian warship forces Western warships to alter course reports suggest...
Dialogue not Confrontation
Chinese defence minister unlike his US counterpart calls for dialogue rather than confrontation as global spy chiefs meet Chinese Defence...
Average Rating