China and Russia are now executing over 90% of their transactions without using the US dollar, opting instead for rubles and yuan. This major shift reflects their joint strategy to reduce reliance on the dollar.
Russian Foreign Minister Sergei Lavrov announced that this change is part of a broader de-dollarization strategy embraced by both countries. The economic relationship between China and Russia has grown significantly, with trade volume doubling from $111 billion in 2019 to $227.8 billion in 2023.
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This development highlights a profound transformation in global trade dynamics, as both nations strengthen their economic ties and minimize the influence of the US dollar on their transactions.
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