Sanctions against Russia could hurt the US dollar as countries like Iran and China seek alternative currencies for trade: Treasury Secretary Janet Yellen
In February, the yuan overtook the dollar as the most traded currency in Russia.
. The Chinese yuan in comparison, accounted for just 4.6% of trade finance in the same period — but has more than doubled from 1.8% in February 2022, per Swift. Sweeping Western-led sanctions against Russia over the Ukraine war have also prompted Russian companies to useIn February, the yuan overtook the dollar as the most traded currency in Russia for the very first time, according to transaction data published on April 3. The trend continued in March, with the yuan pulling ahead of the dollar by an even wider margin. The Chinese currency's trade volume in Russia was"negligible" before the war.
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