2024

Yuan

April

<p><strong>The monetary influence of the BRICS is growing day by day. In recent news, the Chinese currency, the yuan, has surpassed the dollar as the most used currency in Russia. A change that is in line with the desire of the alliance countries to limit their dependence on the American currency.</strong></p> 
<h2 id="h-brics-exodus-from-the-dollar-underway">BRICS Exodus from the Dollar Underway</h2> 
<p>According to recent reports, <a href="https://www.cointribune.com/en/brics-le-yuan-chinois-2e-plus-importante-devise-du-reseau-swift-apres-le-dollar-2/" target="_blank" rel="noreferrer noopener">the Chinese yuan</a> has officially overtaken the greenback as the primary currency in Russian trade. Figures show that the yuan accounts for more than 42% of currency transactions in Russia, compared to 39.5% for the US dollar.</p>
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<p><a href="https://watcher.guru/news/brics-chinese-yuan-officially-overtakes-us-dollar" target="_blank" rel="noreferrer noopener">These data</a> demonstrate the growing importance of the Chinese currency in international transactions. Indeed, yuan trading volumes have tripled in 2023, reaching $385 billion.</p> 
<p>This reflects sustained confidence in the stability and usefulness of the Chinese currency. A development that is also interesting for the BRICS, of which Russia and China are influential members.</p> 
<p>This evolution represents a significant change in the dominance of currencies. It reflects a wider trend of BRICS towards de-dollarization, through the alliance’s commitment to promoting and adopting local currencies.</p> 
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     <p lang="en" dir="ltr">BRICS: Chinese Yuan Officially Overtakes US Dollar<a href="https://t.co/798dlLc0dN">https://t.co/798dlLc0dN</a></p>— John Morgan (@johnmorganFL) <a href="https://twitter.com/johnmorganFL/status/1778486297520214371?ref_src=twsrc%5Etfw">April 11, 2024</a>
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<h2 id="h-a-response-to-geopolitical-realities">A Response to Geopolitical Realities</h2> 
<p>The shift away from the US dollar in favor of local currencies is not just a strategic maneuver. It is primarily a response to geopolitical dynamics, especially those concerning Russia, which faces sanctions imposed by the West.</p> 
<p>At heart, this situation has fostered greater cooperation among BRICS members. Sharing concerns about the use of the dollar as an economic weapon, these countries seek to mitigate their economic vulnerabilities.</p> 
<p>Beyond these geopolitical considerations, the strengthening of economic ties between Russia and China has played a role in this evolution. Bilateral trade between the two nations reached $240 billion in 2023, an annual increase of more than 26%.</p> 
<p>This upward trajectory is indicative of a broader trend towards increased economic interdependence within the BRICS. A policy that further reduces the alliance’s dependence on external currencies like the dollar.</p> 
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BRICS: The dollar loses ground in Russia in favor of the Chinese yuan

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