Yuan is gaining strength on the world market although the dollar is still a sought-after currency. This is reported by the British edition of The Economist.
"From time to time there is a demand for an alternative reserve currency, and the market is overwhelmed by predictions of the imminent demise of the dollar," the article says. It is noted that individual countries can bypass the "dominant system" if they want to. In particular, the authors drew attention to the fact that the Russian economy has not suffered because of sanctions, in part, because 16 percent of its exports are now paid for in yuan.
In addition, China's alternative to SWIFT is developing rapidly. Also, Beijing is gradually switching to renminbi payments in bilateral trade. For example, many Western firms trade with China this way. "New digital payment technologies and central banks' digital currencies could make it easier to move money around the world without U.S. involvement," the journalists added.
Earlier, Deputy Finance Minister Alexei Moiseyev said that Russian companies have almost completely abandoned international settlements in dollars, the share of settlements in euros is also gradually decreasing.