Greenback’s share of neighbors’ trade falls below 50% for first time
by Dimitri Simes
Nikkei Asian Review
MOSCOW — Russia and China are partnering to reduce their dependence on the dollar — a development some experts say could lead to a “financial alliance” between them.
In the first quarter of 2020, the dollar’s share of trade between Russia and China fell below 50% for the first time on record, according to recent data from Russia’s Central Bank and Federal Customs Service.
The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.