Russia and China are continuing to eliminate the US dollar from mutual trade as monthly volumes on the ruble-yuan pair have reportedly soared 1,067% to nearly $4 billion over the past three months.
According to Bloomberg calculations, some 25.91 billion yuan, or $3.9 billion, have been exchanged for rubles on the Moscow spot market so far in May, marking a twelvefold surge versus the volumes recorded in February, when Russia launched its military operation in Ukraine. The spike coincides with a rally in the ruble to a five-year high against the yuan and the US dollar.
Meanwhile, volume in the dollar-ruble pair reportedly dropped to the lowest level in a decade. The ruble rallied 118% against the greenback between early March and late May, even as most traders deserted the pair amid capital controls and forced dollar sales.