Russian Fx Trading Is Almost Entirely In Yuan As Sanctions Restrict Dollar Use

The Chinese yuan currently makes up 99.6% of foreign exchange trading volumes in Russia. Getty ImagesThe Chinese yuan made up 99.6% of Russian foreign exchange market in June, Bloomberg reported.This comes after the dollar and euro were barred from Russia's main exchange.One expert predicted this would happen, claiming the yuan would become Russia's main trade currency "once and for all."The Chinese yuan's takeover of Russia's foreign-exchange market is nearly complete after US sanctions forced the country's main exchange to cut ties with the dollar and euro, Bloomberg reported.In June, yuan transactions made up 99.6% of FX-trading volumes in the country, a cited Bank of Russia review said.