Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Netanyahu: If Lebanese Army takes steps to disarm Hezbollah, Israel will engage in reciprocal measures, including phased reduction of Israeli military presence in Lebanon
Al Mayadeen's correspondent: Photojournalist Houssam Al-Masri martyred, reporters Hatem Omar, Mohammad Ashraf Salameh injured in Israeli strike on Nasser Medical Complex.
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace

Yuan more preferable as China, Russia de-dollarize trade

  • By Al Mayadeen Net
  • Source: Global Times
  • 25 Feb 2022 21:47
  • 2 Shares
4 Min Read

Overcoming western sanctions, Russia and China are de-dollarizing their trade and opting for the Chinese yuan.

  • x
  • Russian President Vladimir Putin and Chinese President Xi Jinping
    Russian President Vladimir Putin and Chinese President Xi Jinping

As Russia's ruble underwent a period of instability over the past few days in light of tensions with Ukraine and the West, experts said Friday the currency's volatility would not be a cause for concern for trade between Moscow and Beijing.

Trade between the two countries has shifted from the dollar to the yuan as they strive for de-dollarization, and the yuan's becoming more prominent in bilateral trade settlements is also considered a means of safeguarding Russia from the sanctions it is facing.

China's energy trade with its northern neighbor, which makes for a wide chunk of trade between the two nations, uses the US dollar, and the latter rose as high as one USD per ruble on Thursday ahead of the Russian currency's slight recovery on Friday.

Lately, agreements made it so that the trade is settled increasingly in yuan, meaning any adverse effects to the ruble would not affect bilateral energy trade.

Chinese-Russian trade has been surging lately, with their goods trade increasing by nearly 36% year-on-year in 2021, amounting to nearly $146.9 billion, Beijing's official data showed, as China has been Russia's top trading partner for the last 12 years.

Chinese energy imports from Russia soared 47.4%, an increase of more than $52.9 billion from 2021, making for more than 65% of China's total imports from Russia.

Russia's Sputnik news agency reported Friday that Gazprom, the oil giant behind Nord Stream 2, said it became the first company in the federation to entirely opt-out from using the USD in trade in favor of the Chinese yuan.

Related News

Why Europe's regulatory power is no longer enough: FT

Valery Zaluzhny: From Ukraine top general to presidential prospect

Gazprom Neft also has plans to switch to yuan settlements on jet fuel in the ruble for Chinese airlines in Russian airports by the end of the year, the same outlet said.

The ruble has been recovering due to the Russian central bank intervening in the market, as the body vowed to "use all necessary instruments to maintain the financial stability and business continuity of financial institutions."

The Bank of Russia also prohibited short sales in its exchange and over-the-counter markets, effective Thursday.

Even the Russian stock market made up some ground from the losses it sustained on Thursday when it took a huge plunge in light of the latest developments in Eastern Europe.

The European Union has agreed Friday to freeze European assets linked to Russian President Vladimir Putin and Foreign Minister Sergei Lavrov over Moscow's operation in Donbass.

The European decision was accompanied by a wave of sanctions from the US, Europe, and other Western allies.

The tsunami of sanctions that Russia is repeatedly telling the west has no effect come in light of leader Vladimir Putin authorizing a special military operation in Donbass over the constant Ukrainian shelling of Lugansk and Donetsk People's Republics, whose independence Moscow recognized a few days ahead of the operation.

Moscow's ministry of foreign affairs informed the international community the operation in Ukraine was not the beginning of a war, but rather an attempt at curbing one after the west bombarded the situation with condemnations.

Russia has for months been warning of the threat posed against it by NATO's attempts to expand eastward, which happened simultaneously with an increase in NATO military activity along Russia's borders, and batches of lethal weapons being sent to Ukraine, prompting Russia to request security guarantees from the West. Washington failed to provide the guarantees.

  • United States
  • Lugansk
  • USD
  • China
  • Donbass
  • Donetsk
  • Ruble
  • Ukraine
  • Vladimir Putin
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS