100 Quick Reviews
Text: Red beans
The Russian-Ukrainian war has lasted for two years, and Russia has finally gotten rid of its dependence on the dollar!
According to the Financial Associated Press, the governor of the Central Bank of Russia, Nabiullina, recently accepted an interview with **, in which she said that in the two years of the Russian-Ukrainian war, Russia has undergone earth-shaking changes in the field of foreign trade settlementThe settlement share of the renminbi increased by more than 85 times, accounting for 34 of the total share5%。In the past, the settlement system dominated by the US dollar and the euro has completely collapsed, and the total share once fell below 30%, and it is about to be eliminated.
Data map: Nabiullina).
Nabiullina is right, looking back more than two years ago, the share of the yuan in Russia's foreign trade settlement system was only 04%, while the dollar has always been dominant, accounting for more than 50% for a long time. And now, feng shui takes turns, according to the data revealed by Putin at the end of last year, in Russia's foreign trade settlement in September last year, the share of the RMB absorbed the US dollar, which has risen to 33%, and Russia's national currency, the ruble, has also taken on a more important mission, accounting for 40%.
The change of Russia's import and export ** in terms of settlement currency is not only an accident of historical development, but also an inevitability under the influence of the international situation. After the start of the Russia-Ukraine war in 2022, NATO, led by the United States, has made every effort to sanction Russia, of which financial sanctions are the top priority.
Ukrainian cities in ruins by shells in the Russian-Ukrainian war).
After the United States and its allies froze Russia's $300 billion in overseas assets, it also secretly pushed its allies to kick several large Russian banks out of the international fund clearing system, and restricted Russia's foreign affairs by restricting payment settlement. In such a situation, Russia had to decouple from the dollar. Therefore, it is a matter of time before the proportion of the dollar in its total ** share declines, and it is likely to continue to decline in the future.
After Russia de-dollarizes, it needs to find alternative currencies, and the yuan is a more reliable one.
Since China and Russia reached cooperation agreements in 2022 in four major areas, including natural gas, food, infrastructure, and transportation, economic and trade cooperation has become closer. In 2023, China's imports of Russian oil will exceed 100 million tons in an unprecedented amount, setting a new historical record, which is the best proof of this.
China-Russia Eastern Route Gas Pipeline).
It is well understood that in the case of severe sanctions against Russia, China has become the most critical cash cow for Russia. Therefore, in order to curry favor with China, Russia must make a contribution to the internationalization of the RMB, so that it is a matter of course to choose to use the RMB for the settlement of China and Russia.
Of course, Russia has not completely allowed the yuan to replace the former dollar as the main foreign trade currency of the country, and the ruble has a larger share of its foreign trade than the yuan.
The yuan played a certain role in the hegemony of the dollar).
There are two reasons for this. One is that although the renminbi itself has developed rapidly and its recognition around the world is gradually increasing, it has not yet been able to shake the status of the US dollar as a world currency, and it has not been able to surpass the US dollar in terms of liquidity, credibility and convertibility, and there are still certain limitations.
The second is because of Sino-Russian relations. From the negotiation process on the construction of the "Power of Siberia 2" gas pipeline, we can see that although China and Russia have close relations and economic and trade cooperation is quite harmonious, there are inevitably small differences and variables. Therefore, Putin naturally does not put his eggs in one basket, and is bound to let his country's currency, the ruble, play a more important role.
Data map: Putin).
However, in any case, the RMB has soared 85 times in Russia's foreign trade settlement system in two years, which is a good thing, that is, it has helped Russia promote de-dollarization, and it has also enhanced the international identity of the RMB.