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Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping. We are for A shift in the digital currency environment may occur due to Russia’s latest decision to utilize the Chinese yuan instead of the U.S. dollar in trade settlements with nations Chinese banks are ramping up efforts to promote international use of the yuan, and reporting a surge in cross-border yuan business from the country's booming trade Russian President Vladimir Putin has announced Russia's readiness to switch to the yuan in foreign trade settlements with countries in Asia, Latin America and Africa. We are in favour of using Chinese yuan in settlements between Russia and countries in Asia, Africa, Latin America, Putin said, adding that these forms of settlements

Russia Shifts to Yuan for Trade: Asia, Africa & Latin America

Russia is pivoting away from the US dollar, embracing the Chinese yuan for trade settlements with nations across Asia, Africa, and Latin America. This significant strategic move signals a potential reshuffling of the global financial landscape.

Russian President Vladimir Putin has announced Russia\'s readiness to switch to the yuan in foreign trade settlements with countries in Asia, Latin America and Africa. "We are in favour of using Chinese yuan in settlements between Russia and countries in Asia, Africa, Latin America," Putin said, adding that these forms of settlements are increasingly convenient and mutually beneficial.

Yuan Gains Traction as Alternative to the Dollar

The decision reflects a growing trend of de-dollarization and highlights the yuan\'s increasing importance in international trade. A shift in the digital currency environment may occur due to Russia’s latest decision to utilize the Chinese yuan instead of the U.S. dollar in trade settlements with nations.

Putin and Xi Jinping Discuss Yuan Expansion

Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping. We are for further developing settlements in national currencies.

Chinese Banks Fuel Yuan\'s International Rise

Chinese banks are ramping up efforts to promote international use of the yuan, and reporting a surge in cross-border yuan business from the country\'s booming trade. This aggressive push by Chinese financial institutions provides crucial infrastructure for countries looking to engage in yuan-denominated trade.

Implications for Global Trade and Finance

The move towards yuan settlements could reduce reliance on the US dollar in international transactions, potentially reshaping trade dynamics and challenging the dollar\'s dominance in the long term. The full impact remains to be seen, but it represents a significant development in the ongoing evolution of the global financial system.

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