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In a significant move, Russia and China have largely abandoned the US dollar for settling bilateral trade, opting instead for their national currencies. This development marks a major shift in global economic dynamics, underscoring the growing partnership between the two nations.
De-Dollarization Achieved:
According to Russian Foreign Minister Sergey Lavrov, over 90% of payments between Russia and China are now conducted in their respective national currencies, the Russian ruble (RUB) and the Chinese yuan (CNY). This remarkable achievement underscores the success of their de-dollarization efforts.
Lavrov's Statement:
Lavrov highlighted the robust growth of Russian-Chinese trade and economic cooperation, despite attempts by Western nations to hinder their progress. He emphasized:
"Russian-Chinese trade and economic cooperation are actively developing, despite the persistent attempts of the states of the collective West to put a spoke in the wheels. There has been an almost complete de-dollarization of bilateral economic relations. Today, more than 90% of mutual payments have been transferred in our national currencies."
Implications:
This move has far-reaching implications,
1. Reduced US Influence: By ditching the dollar, Russia and China diminish US leverage in global trade and finance.
2. Increased Economic Independence: Both nations gain greater control over their economic transactions, reducing reliance on the dollar.
3. Promoting National Currencies: The ruble and yuan gain prominence, potentially challenging the dollar's dominance.
4. Strengthened Bilateral Ties: De-dollarization fosters deeper economic cooperation and mutual trust between Russia and China.
5. Global Economic Shift: This development may inspire other nations to explore alternative currencies, potentially reshaping global trade dynamics.
Conclusion:
Russia and China's decision to abandon the US dollar for bilateral trade marks a significant milestone in their economic partnership. As they continue to strengthen their ties, the global economic landscape may undergo a profound transformation, challenging traditional dollar dominance.

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