Russia is looking to launch yuan-denominated bonds, and has agreed with China to work on settling more of their bilateral trade in the yuan or the rouble
Other trading partners suffering from US sanctions and along China’s belt and road map are also open to de-dollarisation
Two weeks ago, Russia and China took a major step away from the use of the American dollar in agreeing to develop bilateral trade using the Russian rouble and the Chinese yuan.
“Russia and China intend to develop the practice of settlements in national currencies,” said President Vladimir Putin after meeting President Xi Jinping in St Petersburg. He added that both countries had signed agreements to expand the use of their currencies in bilateral financial operations.