The proportion of the yuan used as payment for Russian exports has increased 86-fold over the past two years, reaching 34.5% of the total export value. According to information from the Governor of the Central Bank of Russia
The RIA news agency has published an interview with Elvira Nabiullina, Governor of the Russian Central Bank, today (January 30). She stated that The use of the yuan to purchase imported goods into Russia also increased eight-fold to 36.4% in the same period.
“Economic activities with foreign countries have been changed. (from using the dollar) to other currencies, especially the yuan,” Nabiullina said.
Russian media did not specify exactly when the interview took place. But the reappearance of Nabiulina after being absent for a while should help boost investor confidence. This is because the central bank has the power to regulate the ruble exchange rate through capital controls and also determines the direction of the overall economy through various regulations. of banks and interest rates
The 60-year-old banker is credited with playing a key role in keeping the Russian economy stable. After being hit with massive Western sanctions in response to President Vladimir Putin sending troops to invade Ukraine in February 2022.
After the war with Ukraine Moscow has also increasingly turned to trade with non-Western markets, especially China, to seek both economic and political support.
The value of non-US dollar trade between China and Russia will reach $240.1 billion in 2023, up 26.3% from a year earlier, according to data from the General Administration of Customs of China (GACC).
Meanwhile, Nabiullina said the share of BRICS countries in Russia’s trade balance has doubled in the past two years, reaching nearly 40 percent of the total.
The BRICS group consists of five initial member states: Brazil, Russia, India, China and South Africa. And this year, it announced the addition of five new members to the group: Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates (UAE), with Russia serving as chairman in the current term.
Source: Reuters
#Dont #dollars #Russian #merchandise #exports #Yuan #surged #times #reaching #onethird #total
2024-01-30 05:33:00
