The BRICS alliance continues its rapid shift away from the US dollar, with China and Russia now conducting 99.1% of all cross-border transactions in local currencies — the Chinese yuan and the Russian ruble. This milestone marks a decisive moment in the bloc’s de-dollarization agenda, signaling a broader transformation in global trade dynamics.
Russian Deputy Prime Minister Alexander Novak confirmed the figures during an interview with Rossiya-1 TV, noting that “as for transactions, 99.1% of them are conducted in the ruble and yuan.”
The latest increase — from 99% just two months ago — highlights how fast both nations are moving to insulate their economies from Western financial pressure.
The shift began in 2022, when the White House imposed sanctions on Russia following its invasion of Ukraine. In response, Moscow and Beijing expanded local currency settlements to reduce reliance on the dollar-dominated financial system.
The growing use of yuan and ruble not only strengthens their domestic markets but also provides a framework for other developing countries to follow suit.
China has been actively pushing this strategy beyond Russia. Through the Belt and Road Initiative (BRI), Beijing is promoting yuan-based trade settlements and loan repayments with emerging economies. President Xi Jinping’s government views yuan internationalization as central to building a new, multipolar financial order.
Analysts believe the BRICS de-dollarization trend could reshape global finance, challenging the long-standing dominance of the US dollar in international trade. As the bloc expands its economic influence, the move toward local currencies underscores a growing desire for financial sovereignty among Global South nations.
