In a significant shift, China’s yuan has surpassed the U.S. dollar as the most traded foreign currency in Russia. This development is a part of the ongoing trend of de-dollarization, reflecting a global move away from the dollar. What Happened: The Renminbi accounted for 42% of all foreign currency trades on the Moscow Exchange in 2023, reported Business Insider on Thursday. This marks a significant increase from the previous year. The dollar’s share, on the other hand, dropped to 39.5%, down from over 63% in 2022. The volume of yuan traded tripled to 34.15 trillion rubles ($385 billion) over …
