The de-dollarization push is on!
Russian President Vladimir Putin announced during his meeting with Chinese President Xi Jinping on Tuesday that Moscow supports the use of China’s yuan in trade with African, Asian, and Latin American nations.
“We support the use of Chinese yuan in payments between Russia and countries of Asia, Africa, and Latin America,” Putin said.
The Russian leader confirmed that two-thirds of trade between Russia and China are “made in rubles and yuan,” adding that more countries should embrace national currencies.
The Kremlin is putting all its eggs in China?
So far, the Chinese yuan is far from dismantling the US dollar hegemony, as it represents a fraction of international reserves compared to the buck.
Here is a snapshot of global reserves, according to COFER data from the International Monetary Fund (IMF):
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