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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Share of Yuan on Russia's exchange market reaches 39% in March

  • By Al Mayadeen English
  • Source: Agencies
  • 10 Apr 2023 20:32
2 Min Read

This marks the highest share of Yuan Russia's exchange market has ever had. 

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  • © Sputnik / Alexandr Demyanchuk
    © Sputnik / Alexandr Demyanchuk

The Russian Central Bank said on Monday that the share of the Chinese Yuan on the Russian exchange market increased to 39% in March.

This marks the highest share of Yuan Russia's exchange market has ever had. 

On another note, the share of US dollars was recorded at 34% in March, as per the Russian Central Bank.

"The share of transactions with the dollar-ruble currency pair decreased to 34% (in February - 36%). The total share of the yuan (yuan-ruble and dollar-yuan) on the exchange market increased in March to 39% (in February - 37%) of the total trade, which became another record value," the bank’s review of financial market risks read.

Read more: De-dollarization accelerated in trade transactions: Shamakhani

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An analysis written by Frank Holmes for VettaFi revealed on Monday that the greenback is unlikely to lose its status as the world's global reserve currency any time soon despite that trends of de-dollarization have picked up speed over the past year. 

Even though several countries across the world have been recalibrating their trade policies so as to substitute the US dollar with other currencies, the US dollar maintains its reputation as the safest and most convenient currency in the world. 

As Holmes pointed out in his piece, the share of global central banks' official holdings in US dollars currently stands at 60% nowadays, while that of the Yuan is a mere 2.8% as of September 2022.

A stark difference indeed, but it is worth appreciating the fact that in the span of 20 years, the share of US dollars fell sharply as it stood at 72% in 2001. China, on the other hand, has had its own share double since 2016. 

The case in point is obvious. The credibility of the dollar remains unquestionable, although no predictions can foretell that it may remain the case in the long run. The reason, Holmes explains, is that the strength of the US dollar lies in the dollar-commodity relationship, whereby the price of oil is quoted in US dollars. 

Read more: US dollar may lose status as global reserve currency: Yellen

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  • Yuan
  • China
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