Russia Coal and Oil Paid for in Yuan Starts Heading to China

[the_messenger]

The USD seems to not loosing out because they are tracking SWIFT and US Banks while Yuan payments are using CIPS, not SWIFT.
As a result, the balance in SWIFT stays unchanged while CIPS grows bigger each year (wiki source)

 

[beijingwalker]

Russian banks see rise in use of Chinese yuan amid Western sanctions​

By JERUSALEM POST STAFF

Published: APRIL 8, 2022 10:53

Business clients of Russian banks have begun transferring funds in Chinese yuan rather than euros and US dollars, with more clients opening accounts in Chinese currency, Kommersant reported Friday.

These accounts began opening in March, with balances in yuan rising, partially due to the conversion of dollars and euros into the Chinese currency.

Yuan transactions on the Russian stock exchange have continued to grow as well, but they still lag behind dollars and euros.

This shift to yuan comes amid the severe financial sanctions by the West against Russia, which severely limits its ability to use foreign currency, especially the dollar and euro.

However, as China has not sanctioned Russia, the yuan is now a more attractive currency for many in Russia.

According to Russian finance consultant Yugar Aliyev, the yuan will "not only replace the dollar in settlements with China, but also become a more reliable means of international settlements for Russian companies."

Russian banks see rise in use of Chinese yuan amid Western sanctions

Business clients of Russian banks have begun transferring funds in Chinese yuan rather than euros and US dolla

www.jpost.com

 

[Han Patriot]

You have a point but abuse of power is not exclusively American domain. What do you think Russians are doing?

My wish is that all countries should learn to co-exist with each other and work for the betterment of mankind. But this isn't the case, right? For perspective, your country also have disputes with other countries in the Pacific and otherwise, right? Chinese also support Russia in Ukraine.

I have nothing against Russians in person but I disagree with their approach to Ukraine. They miscalculated on this front and are now paying a hefty price for it.

I have soft corner for the Chinese as well but I am Facts & Figures oriented person and my posts are aimed to aimed to address misconceptions and/or highlight facts. I understand that truth can be convenient on many counts and difficult to digest.

It is not wise to shoot the messenger, however. What I share is for your learning only, my friend.

The Russians and Chinese are not saints either, that's why a multipolar world will ensure smaller countries can survive.

The USD seems to not loosing out because they are tracking SWIFT and US Banks while Yuan payments are using CIPS, not SWIFT.
As a result, the balance in SWIFT stays unchanged while CIPS grows bigger each year (wiki source)

Exactly, the true figure is much higher, because they don't track the cips transactions

 

[Daniel808]

Step by step

https://twitter.com/x/status/1512280844232237056

https://twitter.com/x/status/1509888388446441475

https://twitter.com/x/status/1507398533313605635

 

[Zsari]

The USD seems to not loosing out because they are tracking SWIFT and US Banks while Yuan payments are using CIPS, not SWIFT.
As a result, the balance in SWIFT stays unchanged while CIPS grows bigger each year (wiki source)

Like the tectonic shift, these move slowly but surely.

 

[qwerrty]

https://twitter.com/x/status/1515252693568155652