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Al Jazeera
Al Jazeera
World

Amid Western sanctions, China’s yuan has its moment in Russia

Russia China Euro Alexandra Prokopenko Bonds SWIFT
Russian banks have been moving to expand their yuan offerings [File: Sergei Karpukhin/Reuters]

The Chinese yuan is rapidly gaining popularity in Russia amid Western sanctions over the war in Ukraine.

Trading on the Moscow Exchange, the currency has risen more than 50 fold this year, jumping from 0.5 percent of the total transactions in January to 26 percent in August.

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