Russia and China began to reduce their dependence on the dollar in trade.

China (31-Jul-2020) Russia and China have begun to reduce their dependence on the dollar in trade. In the first quarter of this year, the volume of trade between the two countries in dollars was recorded at less than 50% for the first time.

In this regard, foreign media reported that the situation needs to be understood and it is necessary to look at the trade volume four years ago, which was more than 90% in dollars. This volume has now been reduced to 46%. The volume was up to 75% in 2018. The Chinese yuan accounts for 54% of the dollar trade.

That's 17 percent, while the euro has been trading up to 30 percent.

Russia's currency, the ruble, traded up 7 percent. The dollar's lowest role in international trade could be attributed to ongoing trade tensions between China and the United States. Relations between the two countries have deteriorated sharply this year. The two countries have also closed consulates in each other's cities. The US Consulate in Sir Chengdu, China, has been officially closed.

The American flag on the US Consulate building has also been lowered. In addition, a Chinese police contingent has been deployed in recognition of the US Consulate. The Chinese authorities have entered the consulate and taken control. ۔ Chinese authorities have seized the building after the US diplomatic staff left the consulate in Chengdu. The Chinese government last week ordered the closure of the US consulate in Chengdu in response to the US closure of the Chinese consulate in Houston.