China & Russia pledge 'changes not seen in 100 years': Xi & Putin take aim at US dollar hegemony
Geopolitical Economy Report
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China and Russia's Joint Military Exercises in the Gulf of Oman
The US dollar is used in about 60% of the foreign exchange reserves held by central banks around the world. Putin noted that two-thirds of bilateral trade between Russia and China is already in rubles and Yuan using their own currency. At the beginning of 2022, over half of Russia's export settlements were invoiced in US dollars,. That figure had fallen to about 35%.
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