Vladimir Putin, the president of Russia, has openly advocated for the globalization of the Chinese yuan and has defended China. According to reports, the Russian president recently said that the yuan and ruble account for around two-thirds of all trade between Russia and China. Putin went on to say that Russia is purportedly in favor of using the Yuan, which is the official currency of China, to settle disputes with nations in Asia, Africa, and Latin America.
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The China and Russia Alliance
Russia allegedly turned to China as a crucial economic lifeline when it was subject to Western sanctions. The most recent statement from the Russian president now indicates closer political and economic relations between the two nations.
President of the People’s Republic of China Xi Jinping is now in Moscow, and on March 21, during his visit, the two leaders signed roughly fourteen business deals. This went off on a ton of tangents, from cooperative television program development to scientific collaboration.
The most recent statement made by Putin, the president of Russia, shows that the two nations are working to counteract the dominance of the U.S. dollar around the world. It’s also important to remember that when Putin visited Xi in Beijing back in February, the two leaders released a joint statement in which they stated that “friendship between the two states has no limitations; there are no “forbidden” fields of collaboration.”
Additionally, in a separate joint agreement, China and Russia said their alliance is not “confrontational in nature” and “not directed against third countries.” In which the leaders went on to call for an “acceleration of the process of establishing a multipolar world order.”
Russia to Utilize Chinese Yuan
Putin has expressly brought up the Chinese yuan in relation to Russian investments in developing nations. He underlined his confidence in the future growth of the yuan-based settlement between Russian partners and their international counterparts. Given this, some sources have said that Russia’s most recent action will probably also support China’s government’s desire to get more involved in international economic and political matters.