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Are China & Russia using the US dollar in bilateral trade?

China and Russia have almost completely phased out their use of the US dollar in bilateral trade, Russian Prime Minister Mikhail Mishustin has said. In a meeting with Chinese and Russian officials this week, Mishustin said more than 90% of trade between the two nations was denominated in either Russia's ruble or China's yuan.

Are Russian banks running out of Chinese currency?

And Russian commercial banks ramped up corporate loans denominated in yuan. But this dependence on the yuan is now backfiring as top Russian banks are running out of the Chinese currency, Reuters reported on Thursday.

Is Russia launching a new currency?

Last month, in New Delhi, Alexander Babakov, deputy chairman of Russia’s State Duma, said that Russia is now spearheading the development of a new currency. It is to be used for cross-border trade by the BRICS nations: Brazil, Russia, India, China, and South Africa. Weeks later, in Beijing, Brazil’s president, Luiz Inàcio Lula da Silva, chimed in.

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