China and Russia ditch dollar in move toward 'financial alliance'

Section:

By Dimitri Simes
Nikkei Asian Review, Tokyo
Thursday, August 6, 2020

MOSCOW -- Russia and China are partnering to reduce their dependence on the dollar -- a development some experts say could lead to a "financial alliance" between them.

In the first quarter of 2020, the dollar's share of trade between Russia and China fell below 50% for the first time on record, according to recent data from Russia's Central Bank and Federal Customs Service.

... Dispatch continues below ...


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The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.

Russia and China have drastically cut their use of the dollar in bilateral trade over the past several years. As late as 2015, approximately 90% of bilateral transactions were conducted in dollars. Following the outbreak of the U.S.-China trade war and a concerted push by both Moscow and Beijing to move away from the dollar, however, the figure had dropped to 51% by 2019.

Alexey Maslov, director of the Institute of Far Eastern Studies at the Russian Academy of Sciences, told the Nikkei "Asian Review that the Russia-China "de-dollarization" was approaching a "breakthrough moment" that could elevate their relationship to a de-facto alliance. ...

... For the remainder of the report:

https://asia.nikkei.com/Politics/International-relations/China-and-Russi...

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