Yuan-ruble trading surges more than 1,000% as China and Russia draw closer together amid US tensions

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(Business Insider) Trading of China’s yuan and Russia’s ruble has soared more than 1,000% since the war in Ukraine began, according to data reported by Bloomberg, as the two countries strengthen ties.

Monthly yuan-ruble volumes have risen 1,067% to just under $4 billion since Russia invaded Ukraine in late February, Bloomberg said Tuesday.

The two countries have sought to strengthen ties this year, announcing a “no limits” friendship directly aimed at countering the influence of the US over the global economy.

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Since the US has slapped tough sanctions on Russia, both sides have looked to pull closer together economically.

markets.businessinsider.com/news/currencies/yuan-ruble-trading-surges-china-russia-ukraine-us-dollar-2022-5

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