U.S. Dollar

Report: Indian Traders Using Asian Currencies to Buy Russian Coal

Indian traders have reportedly been settling payments for Russian coal in currencies other than the U.S. dollar — including the Chinese yuan, the Hong Kong dollar, the United Arab Emirates (U.A.E.) dirham, and the euro — in an effort to skirt Western sanctions imposed on Moscow in recent months in response to its latest war with Ukraine, Reuters reported on Wednesday.

HAI'AN, CHINA - MAY 15 2022: A clerk counts renminbi banknotes at a bank outlet in Hai'an in east China's Jiangsu province Sunday, May 15, 2022. The International Monetary Fund (IMF) has decided to increase the weight of the Renminbi in the basket from 10.92% to 12.28% in the recent …

China Claims Russia Increasingly Interested in Trade in Yuan

Russian companies have increasingly turned to China and India to sell products originally intended for U.S.-allied markets in recent months due to Western sanctions against Moscow, China’s state-run Global Times reported on Tuesday, noting that these alternative transactions are often settled in local currencies.

100 Chinese Yuan. close up