Bilateral trade between Russia and China rose by 38.5 per cent during January and February, year on year. It’s the highest growth rate for that period since 2010. Photo: AFP
As Russia is increasingly cut off, can China’s yuan find a greater role as a global currency?
- Beijing has been trying to insulate itself from a global financial system that is heavily tied to the US dollar, but strict capital controls still hinder the yuan’s use
- A lack of deeper financial reforms by Beijing could remain a difficult hurdle to the yuan’s internationalisation, even as Russia’s trade with China is rising
Bilateral trade between Russia and China rose by 38.5 per cent during January and February, year on year. It’s the highest growth rate for that period since 2010. Photo: AFP
