(London Reuters) Russia has encountered a series of sanctions due to invasion of Ukraine, and Russia's imported products that are settled in RMB for RMB have soared from 3%in 2021 to 20%in 2022.
The report published by the European Revival Development Bank on Wednesday (September 27) said that this significant increase means that Russia reduces the use of US dollars and euros, and USD and euro transactions have dropped from 80%to 67%during the same period.
After analyzing more than 12 million import records related to more than 70,000 companies, by the end of 2022One; the renminbi has "replaced the US dollar and the Russian rubles and became the first choice currency."
As for the third countries that have not implemented economic sanctions but hold the amount of currency exchange with the People's Bank of China, such as Mongolia and Tajikistan, the use of RMB to trade with Russia has also increased.These swap quotas "make exporters more likely to use RMB from importers such as Russia."
Economic sanctions have long or reduced US dollars as tool currency attractions
The report said that in general, economic sanctions may indicate that people gradually abandon the U.S. dollar."The dominant position of the US dollar makes international sanctions more effective, because most companies engaged in international trade are required to clearly pay through the US bank system.Its dominant position. "
Official data shows that in March this year, RMB became the most widely used currency in China's cross -border transactions, exceeding the US dollar for the first time.However, according to data from the international payment system SWIFT, the share of RMB as a global payment currency is still small, accounting for only 2.5%, while the US dollar is 39.4%and the euro is 35.8%.
