According to data from the Moscow Exchange, the yuan accounted for 23.6% of Russias Foreign Exchange turnover in the first quarter of 2023, while the dollars share was 22.5%. This marks the first time the yuan has surpassed the dollar in Russias currency market
The rise of the yuan in Russia is part of a broader trend of increasing acceptance of the Chinese currency in international trade and finance. China has been actively promoting the internationalization of the yuan, encouraging its use in cross-border transactions and investing in to support its use in global markets