US and EU sanctions have significantly increased the volume of payments made in yuan, according to Russian entrepreneur Oleg Deripaska, who evaluated the rapidly changing situation in the global financial system on his Telegram channel. The Financial Times reported that four years ago, transactions paid in the Chinese currency accounted for 1.9% and have now risen to 3.6%. Additionally, China’s People’s Bank has announced a reduction in transactions with current accounts in yuan. Within the country and abroad, 30% of purchases and services are now conducted in the national currency.

Data based on periodic evaluations indicates that the creation of a private international payment system called Cips has contributed to the decrease in dependence on the US dollar and the euro. Cips facilitates an interbank connection between China’s People’s Bank and over 30 central banks, allowing for withdrawals in the national currency. As of the end of November, the yuan’s exchange rate against the dollar reached its highest level in the past four months, as reported by the foreign exchange market’s currency sales. However, some market participants view this activity as an attempt by speculators to manipulate the national currency exchange rate.

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