Derived from BitJie, as of 2025, China and Russia have shifted 99.1% of their cross-border trade settlements to local currencies, specifically the Chinese yuan (RMB) and Russian ruble (RUB), bypassing the U.S. dollar. Russian Deputy Prime Minister Alexander Novak stated on Russia's First Channel that the BRICS nations are increasing the share of local currency settlements to de-dollarize trade. The proportion of local currency transactions rose from 99% two months ago to 99.1% in September, with further growth expected. The BRICS countries aim to reduce the use of the U.S. dollar in trade between developing nations. China and Russia are leveraging opportunities to abandon the dollar in cross-border trade, enhancing the exchange rates of their currencies and stabilizing their economies. China is also engaging in non-dollar transactions with other developing countries, including loan repayments, Belt and Road Initiative projects, and new trade agreements. Since 2022, the U.S. dollar has weakened in the BRICS alliance, with Western sanctions marking a turning point in the de-dollarization agenda.
China and Russia Conduct 99.1% of BRICS Trade in RMB and Rubles, Bypassing USD
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