Insider: May 31, 2022,

Trading of China’s yuan and Russia’s ruble has soared more than 1,000% since the war in Ukraine began, according to data reported by Bloomberg, as the two countries strengthen ties.

Monthly yuan-ruble volumes have risen 1,067% to just under $4 billion since Russia invaded Ukraine in late February, Bloomberg said Tuesday.

The two countries have sought to strengthen ties this year, announcing a “no limits” friendship directly aimed at countering the influence of the US over the global economy.

Since the US has slapped tough sanctions on Russia, both sides have looked to pull closer together economically.

China’s trade with Russia rose 12% in March year-on-year, faster than trade increased with the rest of the world. Russia’s imports from China fell but trade accelerated in the other direction, likely reflecting higher energy prices.

Russia said in April it expects trade with China to hit $200 billion by 2024, up from around $150 billion last year.

Meanwhile, tough US sanctions on Russia and tight capital controls put in place by Moscow have caused dollar-ruble trading to fall sharply. Bloomberg said volume in the dollar-ruble pair has fallen to its lowest level in a decade.

“The current crisis is unlikely to lead to anything other than a further tightening of Sino-Russian bilateral relations,” said Bjorn Alexander Duben, an academic, in a report on the situation for the London School of Economics last week.

“Xi’s China will prop up Russia and try to ensure that Putin’s power is preserved,” he said. However, Duben said Russia was the much weaker partner, and would likely be relegated “from a great power peer to a client of Beijing.”

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