Alongside the BRICS de-dollarization plans, the Chinese yuan has officially overtaken the US Dollar as the top traded currency in Russia. No surprise lah!
Indeed, the currency has now surpassed the greenback as the most prominent foreign exchange in Moscow according to a Reuters report.
The data shows that the yuan has accounted for more than 42% of currency trades in Russia. That figure outshines the US Dollar share of 39.5%. In fact, the trading volumes for the yuan had tripled to reach $385 billion in 2023.
Russia’s move away from the US Dollar was originally borne out of necessity, derived from Western-imposed sanctions. Thereafter, many BRICS members as well as other friendly countries followed suit, influenced by fear of relying on a currency that could be weaponized.
And it now appears to be a perspective shared globally. Throughout the year, Central Banks across the globe have increased gold acquisition and turned to digital asset developments. This has been a byproduct of US Dollar fatigue derived from both its weaponization capability, and its fragility amidst macroeconomic circumstances.
Besides, both Russia and China are close allies and both countries have expanded their trade with each other massively. In 2023, bilateral trade between the two increased to $240 billion. Moreover, that was an increase of more than 26% from a year prior. This year should see their trade numbers get even bigger.
Liverpool hosted Crystal Palace in the Premier League today, with victory essential after two bitterly disappointing games in succession. And again, they disappointed! The Eagles won 1-0.
Jürgen Klopp's pledge to "show a reaction" wasn't fulfilled. An empty promise!
Liverpool have been poor since they played Brighton; it's like they have run out of steam. As a Liverpool fan I think we are out of this race now. If so, all the best to Arsenal.
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