In response to Western sanctions, Russia's central bank is dropping the US dollar and plans to buy Chinese yuan on the foreign exchange market. The yuan's share of trading on Russia's currency market increased from 1% to 40-45% in less than a year, while dollar trade halved from 80% to 40%. Moscow has quickly become the world's fourth-biggest offshore trading center for renminbi.
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IMF admits US dollar hegemony declining, due to rise of Chinese yuan, sanctions on Russia: [ Ссылка ]
Iran & Russia pledge to cut US dollar from global trade, strengthen China alliance: [ Ссылка ]
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