Yuan-ruble trade surges as US rivals rebuff dollar

Bustling business: A Chinese flag hangs near an automated parcel handling line at a warehouse in Beijing. Now, Russians are increasingly turning to Chinese goods to replace stalled Western imports and international brands that have become scarce in stores. — AP

SHANGHAI: The emerging multi-polar world now includes foreign-exchange markets, as China and Russia, the two biggest challengers to the United States supremacy, boost direct trading between their currencies.

Monthly volumes on the ruble-yuan pair have surged 1,067% to almost US$4bil (RM17.5bil) since the start of the war in Ukraine as the two nations seek to reduce their reliance on the US dollar and boost bilateral trade to overcome current and potential US sanctions. The spike coincides with a rally in the ruble to a five-year high against the yuan.