Use of the yuan to pay for crude oil and other goods and services has surged as Iran and Russia rely on China’s currency to keep trade flowing without dollars. [1]
The yuan and the ruble have become leading currencies in trade among Iran, Russia and China, all of which have faced U.S. sanctions or pressure from Western financial systems. [1]
The shift has given fresh momentum to China’s cross-border payments system, often described as Beijing’s answer to SWIFT, as transaction volumes grow quickly. [1]
Iran has leaned on yuan-denominated deals to sell oil and import goods, while Russia has also turned to the currency as it seeks alternatives to Western banking channels. [1]
The expansion of yuan use reflects a broader effort by sanctioned states to settle trade outside the dollar system. [1]
China’s payments network is seeing rapid growth in transactions as more trade is routed through yuan and ruble channels. [1]
