Can Russia and China succeed in dethroning the dollar? | Business and economy

From: Cost calculation

Russia turns to the Chinese yuan as its foreign currency and supports it in trade with other countries.

Since being shut out of much of the global financial system, Russia has sought alternatives to mitigate the effects of Western sanctions.

It has turned to China for economic salvation and is increasingly accepting the yuan.

Trade between the two countries reached a record $190 billion last year, with a large portion of these payments made in Chinese and Russian currencies.

The two biggest geopolitical rivals of the United States want to counterbalance the dominance of the dollar in the world.

By the way, Ukraine received the first IMF loan to a country at war.

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