The yuan surpassed the dollar in monthly trading volume for the first time in February and the gap widened in March, according to data compiled by
Bloomberg based on daily transaction reports from the Moscow Exchange. Before the invasion, the yuan's trading volume on the Russian market was negligible.
Russian companies and the government have been forced to conduct foreign trade in the currencies of allies such as China and India, which have refused to support sanctions imposed by Washington, the European Union and other nations,
Asia Financial recalls
Russia's finance ministry switched its market operations to the yuan from the dollar at the start of this year and has developed a new structure for the National Wealth Fund to hold 60 per cent of its assets in the yuan.
