Finally, the Chinese yuan managed to overtake the US dollar as the most traded currency in Moscow.
This is shown by data compiled by Bloomberg, where the yuan surpassed the dollar in monthly trading volume in February for the first time with a more significant increase seen in March.
Earlier, INTRADAY reported that Russia's use of the yuan has increased significantly since it was blocked by the United States and its allies over its aggression against Ukraine.
Restrictions on Russia's financial system have made it difficult for some banks in Russia to make cross-border transfers in dollars and other currencies deemed 'unfriendly' by the Kremlin.
As a result, Moscow took steps to switch to the use of the yuan currency, thus further strengthening its relationship with Beijing.
In fact, the recent visit of President Xi Jinping has also opened up opportunities for wider cooperation including in the trade, investment, supply chain, energy and high technology sectors.
Following this latest development, it can be seen that Russia has succeeded in reducing its dependence on the greenback dollar by replacing it with other currencies.
