Russian President Vladimir Putin has called for the internationalization of China’s yuan. In a recent speech, Putin said about two-thirds of trade between Russia and China takes place in the yuan and ruble. and went on to say that His country encourages the use of the yuan for trade between Russia and countries in Asia, Africa and Latin America.
China has become the heart of the economy for Russia in the face of Western sanctions, and now the latest move is poised to deepen political and economic ties between the two countries.
Xi Jinping, the two leaders, signed about 14 economic agreements as of March 21. The report included issues ranging from scientific cooperation to joint TV production. Putin’s latest announcement indicates that the two countries are working together to seek to offset the dominance of the US dollar globally.
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