The Formation of an Alternative System of International Settlements Based on the Yuan

As a result of Chinese leader Xi Jinping’s visit to the Russian Federation, the tendency to expand the use of the yuan in international settlements became obvious. President Vladimir Putin expressed confidence that the share of settlements in yuan with the countries of Asia, Africa and Latin America would grow. Now two-thirds of trade between Russia and China is carried out in rubles and yuan.   “Troubling Remarks Are Caught On Hot Mic As Russia And China Become Closer Allies” 🔻 What caused the transition to the yuan? After the start of the CBO, Russian state and private banks were…