US Dollar's Role Reduced To a Statistical Discrepancy, Says Putin
Russian President Vladimir Putin gave a recent update about the country’s increasing trade deals with China. Putin reinforced how Russia and China are using local currencies for cross-border transactions while making the US dollar redundant. Ever since the Russia-Ukraine conflict broke out in 2022, the Chinese yuan and Russian ruble have played a bigger role. The move is making other developing countries seek similar deals where their local currencies are used and not the USD. Also Read: Has China Succeeded in Dumping the US Dollar? “I would stress that while trade figures are denominated in US dollar equivalents, transactions between Russia and China are carried out in rubles and yuan, with the dollar or euro share reduced to a statistical discrepancy,” said Vladimir Putin to Xinhua News. The statement comes after the high-level meeting with President Xi Jinping in China. Even India’s Prime Minister Narendra Modi was part of the talks in a joint effort to thwar...