Recently, China and Russia decided to give up the US dollar in bilateral trade and use RMB and ruble for settlement in order to cope with the risk signals in the current economic operation of the United States and Europe. With direct local currency trade settlement, it not only avoids the price difference risk and exchange risk caused by the exchange rate fluctuation between the US dollar and the euro, but also saves the coinage tax paid by China and Russia to the United States in foreign trade transactions, thus reducing the trade cost between the two countries.

Facing the relatively stable ruble exchange rate and the good international reputation of RMB, the trust foundation of settlement in local currency has been completed. At present, there are certain risks in the economic operation of the United States and Europe. With direct trade settlement, we can avoid the risk of price difference caused by the turmoil between the dollar and the euro.

Russian President Vladimir Putin reiterated on June 4th that he hoped to strengthen relations with China and avoid using US dollars in bilateral trade between China and Russia. In Asian import and export trade, Russian enterprises are increasingly turning to RMB-ruble direct settlement.

According to the data of the Bank of China, enterprises in China and Russia have begun to avoid using dollars in trade. According to the data from the website of China Foreign Exchange Trading System, the direct transaction scale of RMB against ruble increased to $654.38+02 billion in June this year, $307 million in September and $52 million in July.

Sino-Russian relations are getting better and better now, and it is only a matter of time before the US dollar is completely bypassed. I hope I can help you _