BRICS Shift: Over 70% of China-Russia Trade Now in Local Currencies
The landscape of international trade is evolving, and a significant development is the increasing use of local currencies in transactions, particularly between China and Russia. Amidst the BRICS collective’s push to eliminate the reliance on the US dollar, Russia’s Finance Minister, Anton Siluanov, stated that more than 70% of trade between the two nations is now settled in rubles and yuan, bypassing the traditional dominance of the USD.
This move signifies a broader trend within the BRICS (Brazil, Russia, India, China, and South Africa) bloc. The coalition, comprising major emerging economies, is actively seeking to strengthen its economic independence and bargaining power on the global stage. Amidst the BRICS collective’s push to eliminate the reliance on the US dollar, Russia’s Finance Minister, Anton Siluanov, stated that more than 70% of trade between countries like China and Russia being conducted in their respective currencies represents a concrete step in this direction. TEHRAN, May 24 (MNA) – Amid the BRICS collective’s push to eliminate the reliance on the US dollar, Russian Finance Minister, Anton Siluanov, stated that more than 70% of trade between them is bypassing the US dollar.
The implications of this shift are far-reaching. For China and Russia, it reduces their exposure to exchange rate fluctuations and potential disruptions linked to the US dollar. For the BRICS nations collectively, it strengthens their position as an alternative economic force, challenging the established global financial order. 13 de sept. de 2025 The BRICS bloca coalition comprising Brazil, Russia, India, China and South Africais seeking to strengthen its bargaining power with the West. The increased use of local currencies fosters greater economic integration and cooperation within the bloc.
The long-term effects of this trend remain to be seen. However, the fact that over 70% of trade deals between China and Russia is settled in their local currencies clearly demonstrates a tangible move away from dollar dependence. This is not simply rhetoric; it's a practical implementation of the BRICS strategy to create a more multipolar and balanced global economic system. Already, it is China-Russia Economic and Trade Cooperation within the BRICS. By critically examining scholarly articles and reports, we aim to synthesize the current knowl-edge Amidst the BRICS collective’s push to eliminate the reliance on the US dollar, Russia’s Finance Minister, Anton Siluanov, stated that more than 70% of trade between them.