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  • NEWS Desk Global

CHINA'S YUAN OUSTS DOLLAR TO BECOME MOST TRADED CURRENCY IN MOSCOW IN 2023




The Moscow Exchange (MOEX.MM), opens new tab trading volume in Chinese yuan surpassed that of the U.S. dollar in 2023, as Moscow pursues a de-dollarisation strategy in the face of Western sanctions on its financial system. Moscow is becoming increasingly dependent on Beijing and the "no limits" partnership between the two countries, having increased energy supplies to China and stepped up purchases of Chinese goods from cars to smartphones as European and U.S. brands left the Russian market over Russia's actions in Ukraine.

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