Russia and China Increase Efforts to Reduce Reliance on Dollar Amid U.S. Sanctions
Russia and China are working together to reduce their reliance on the US dollar and to establish cooperation between their financial systems. The two countries are concerned about America's dominance over the global financial system and its ability to use it as a weapon. In response to the economic sanctions imposed by the US and other Western countries after Russia's invasion of Ukraine in 2022, the ruble-yuan trade has increased by eighty-fold. Russia and Iran are also reportedly collaborating to launch a gold-backed cryptocurrency, and central banks of various countries, especially Russia and China, have been buying gold at a rapid pace to diversify their reserves away from the dollar. De-dollarization is becoming a trend in other parts of the world as well. Brazil and Argentina have been discussing the creation of a common currency for the two largest economies in South America. In Singapore, former Southeast Asian officials spoke about de-dollarization efforts underway. T...
