RMB trading surpasses again! Completely inclined to the yuan, Russia has reversed
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In 2023, the yuan surged in trading volume on the Moscow Exchange, eventually surpassing it to become the number one currency in terms of annual trading volume. This marks Russia's complete abandonment of the euro and the euro in favor of the yuan. Especially in the area of energy, Russia is increasingly inclined to cooperate with China. This decision led to a huge economic turnaround, with Russia overtaking Germany to become the largest economy in Europe. What kind of miracle will China and Russia create if they join forces again?
For a long time, China's ** amount has exceeded the euro and , especially on a monthly basis. However, things are different in 2023. For the whole of 2023, the yuan accounted for 42% of the trading volume of Russian exchanges, and the total trading volume for the year reached 3415 trillion rubles, impressive. At the same time, the volume of transactions continued to decline, accounting for only 324 last yearLess than 40% of the 900 million rubles were traded, and in the end lost the first place for the year. The sharp growth of the renminbi** has almost tripled. The total trading volume in 2022 is 1025 trillion rubles, while in 2023 it will grow rapidly to 3415 trillion rubles. The proportion of currency transactions with the euro on the Moscow Exchange has also decreased significantly, as Russia has gradually abandoned the use of the euro for settlement. In 2022, the combined share of transactions with the euro reached 87%, but in 2023, the proportion of transactions with the euro is less than 40%, and the proportion of transactions with the euro is less than 18%, which is a significant decline.
For a long time, dominating the world monetary hegemony, Americans have a fanatical trust in their own currency. However, after the outbreak of the Russia-Ukraine conflict, the United States expelled the Bank of Russia from the Swift system and made it impossible for the Russian currency, the ruble, to be traded within the system. The United States believed that such financial sanctions would endanger Russia's **, but did not expect that Russia would completely destroy the confidence of the United States. Russia has not only given up, but is gradually abandoning Western currencies such as the euro and the yen, choosing only the ruble and other third-country currencies. However, this has little impact on Russia's energy **. In particular, the total amount between Russia and China exceeded 210 billion, but these transactions were not carried out in , but mainly in yuan and rubles. Russia has even asked India to stop paying in Indian rupees when importing Russian ** and switch to yuan.
The most obvious effect of Russia's decision to fully support the yuan is that by 2023, the GDP growth rate will rebound sharply to 35%。Russia's Putin noted at a meeting that Europe's largest economy in purchasing power parity terms is no longer Germany, but Russia. Germany, which has been following in the footsteps of the United States, was easily overtaken by Russia.
Summary. In 2023, the yuan surpassed on the Moscow** exchange, marking Russia's complete abandonment of the euro and the euro in favor of the yuan. As a result, Russia's economy turned around and overtook Germany to become Europe's largest economy. China and Russia have particularly close cooperation in the field of energy, with a total of more than 210 billion. Russia is gradually abandoning the use of Western currencies and using only the ruble and other third-country currencies, which has little effect on its energy **. Russia has opted for the full use of the yuan, which has led to a significant recovery in its GDP growth, which will reach 35%, making people realize that Russia has overtaken Germany to become the largest economy in Europe.
Personal summary. This article made me aware of the growing importance of the renminbi in the international economic arena. China's economic power and the influence of the renminbi are gradually surpassing those of Western currencies as representatives. Russia's choice to cooperate with China and the complete abandonment of Western currencies has brought huge economic returns to Russia. None of this would have been possible without China's rise as the world's second-largest economy and the internationalization of the renminbi. At the same time, it has encouraged other countries to demonstrate that developing a diversified monetary system is a viable option to strengthen the resilience and independence of their economies. I am full of confidence in the future development of the renminbi and believe that it will play an increasingly important role in the international economic system.
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