Xu Xu Wenhong shared with the Chinese Global Times his views on the role of the yuan as a Russian tool to reduce dependence on the US dollar. He noted that “the increase in the yuan's share of Russian reserves is a response to the use of the US dollar as a” financial weapon “and, in his view, this indicates continuing economic convergence. between Russia and the East. The Chinese scientist is quoted by RIA Novosti.
The article points out that as a result of the Ukrainian crisis and subsequent Western sanctions, Russia has turned its gaze to the East. According to the Bank of Russia, the yuan's share of the Russian Federation's foreign exchange reserves jumped from 12.8% to 17.1% compared to January 1.
Chinese analyst Wenhong said the Russian Federation “is likely to continue Wenhong believes that such actions by the Central Bank of Russia show distrust of the US dollar, which the US authorities do not use as a a reliable international currency of payment, but as a “financial weapon.” According to Wenhong, the “unprecedented comprehensive sanctions” imposed by the West on Russia during a military special operation in Ukraine “are forcing Russia to move its economy east to the Asia-Pacific region.”
Russia's main trading partner, the publication emphasizes. According to the Chinese expert, the increase in the yuan's share in Russia's reserves is proof that Russian-Chinese economic cooperation has significant development potential and also shows that Russia believes in China's economic prosperity.