The Chinese in Russia believe that in terms of daily life, the renminbi is useless and the US dollar still dominates.

(Schematic, European News Agency)

[Financial Channel/Comprehensive Report] After Russia was sanctioned by the West, its economy became more dependent on China, and the bilateral trade volume surged. In 2022, China’s total exports to Russia will reach US$7.6102 billion, an annual increase of 12%. The scale of settlement in RMB will also increase. China expects Taking this as a way to promote the internationalization of the renminbi was brutally slapped in the face by his own family.

Chinese citizens living in Moscow bluntly said that in terms of daily life, the renminbi is of no use at all (no use), and the US dollar still dominates.

The South China Morning Post reported that after Western countries led by the United States imposed financial sanctions on Moscow, Russia has begun to use RMB in large quantities. Coupled with the significant growth in Sino-Russian trade, the RMB has become Moscow’s regional reserve currency, but it does not help the RMB’s international popularity. It is widely used, and it can only be said that Sino-Russian trade is settled in RMB, which shows that Russia is "desperate".

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The report pointed out that Chinese President Xi Jinping and Russian President Vladimir Putin signed a joint statement this week, promising to deepen financial cooperation, but the use of the yuan is seen as limited to one-way trade. Russia's increased use of the yuan has an impact on global currency trends. extremely small.

Mark Sobel, chairman of the Official Monetary and Financial Institutions Forum (OMFIF), believes that even if the yuan’s trade settlement in the region rises, due to the lack of openness and convertibility and excessive capital controls, coupled with investors’ dissatisfaction with China Trust, the renminbi offers limited protection of property rights.

Rory Green, chief China economist at London-based research firm TS Lombard, also said that as of January this year, the use of offshore renminbi in Russia jumped from less than 0.26% in 2020 to 2.57%, which will not help the liberalization of the renminbi Or change its convertibility, ultimately depends on Beijing's political and economic decisions.

Residents and tourists also say there is little sign of the yuan gaining a foothold in Russia, outside of trade, as it remains difficult to convert to the ruble.

A Chinese citizen living in Moscow said that the renminbi is useless in daily life and may be convertible in some trade settlements, but the US dollar still dominates.

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