This is not a Greenback, but a Redback! Chinese Yuan Substitute US Dollar


 Russia's use of the Chinese yuan currency has increased significantly since the country was sanctioned by the United States and its allies over its aggression against Ukraine.

According to data from the global financial network system SWIFT, Russia was not in the list of the top 15 countries using the yuan outside mainland China last April.

However, now it has jumped to the fourth position, which indicates an increase in the use of the currency.

Globally, the US dollar and the euro remain the dominant currencies, representing over 42% and 25% of flows respectively through September this year.

However, yuan consumption was found to have increased to nearly 2.5% from the previous two years.

Responding to this increase, Chinese entrepreneur Wang Min is happy that Russia's acceptance of the yuan is helping to elevate his business to the global stage.

If before his contract manufacturing business in Russia was small, now he is ready to invest in warehousing there.

Also getting a windfall, is Shen Muhui who heads a trade group for small exporters to Russia in the neighboring province of Fujian.

He said more buyers from Moscow are opening yuan accounts and settling transactions directly in the Chinese currency, which he says is a big advantage.

Meanwhile, seven Russian corporate giants including Rusal, Rosneft and Polyus raised a total of 42 billion yuan in bonds on its market. In fact, the oil giant Gazpromneft is also considering using the renminbi.