Chinese yuan: Russia effectively drops plan to replace the dollar

What happened. On November 11, Bloomberg reported that Russia's push to escape the dollar through the yuan has faded. By the latest Bank of Russia data, the yuan's share of payments for Russian exports has halved this year from its mid-2024 peak, to 22%. In trade with Asia, Russia receives rubles for 69% of its exports.

Why it happened. On June 12, 2024, the US widened secondary sanctions: foreign banks dealing with sanctioned Russian entities risked losing access to US accounts and dollar payments. The Moscow Exchange was also sanctioned and suspended dollar and euro trading. Chinese banks began limiting payments from Russia to protect their access to the US financial system. Russian firms moved to smaller regional banks and intermediaries. Transport company STT Logistics, cited by Kommersant, estimates such workarounds can cost up to 20% of a transfer. Some firms report no problems.

What the Bank of Russia shows. In its balance of payments review for the second quarter of 2026, the ruble's share of export receipts reached 63% (53% in the second quarter of 2025). Currencies of unfriendly jurisdictions fell to 11% (15%) and other currencies to 26% (32%). The review does not list the yuan on its own line, so we take the 22% from Bloomberg. In settlements with Asia, the ruble's share of export receipts was 62% (51%). That differs from Bloomberg's 69%: the two may measure different things, and we did not check. On imports the picture is steadier: rubles 55% (54%), other currencies 32% (31%).

What it means for the dollar. Russia's trade with China has not vanished: China stays its largest partner, with more than a third of its foreign trade. But the yuan has not become a dollar substitute. The IMF puts the yuan under 3% of global trade settlements in the third quarter of 2025. By PIIE's numbers, the yuan's share of SWIFT payments peaked at 4.7% in July 2024 and has since fallen to 2.75%. By Bank for International Settlements data, the dollar's share of global currency trades rose from 87% to 89%, while the yuan's rose from 2% in 2013 to 8.5% in mid-June 2025. Beijing keeps capital controls and has not committed to replacing the dollar.

What it means for BRICS and Africa. Russia pushed the idea of a dollar alternative, backed by China, Brazil and South Africa, plus newer members Egypt and Ethiopia. Nigeria and Uganda are partners. But as Business Insider Africa notes, members disagree: some prefer alternative payment systems to a new currency.

What we do not know. We do not know how US rules or the behaviour of Chinese banks will change. We also did not see the primary table behind the yuan share: we could not confirm the Bank of Russia figure that Bloomberg cites.

Hechos confirmados

• Citing Bank of Russia data, Bloomberg says the yuan's share of payments for Russian exports has halved this year from its mid-2024 peak, to 22%.^[1][2]
• In trade with Asia, Russia receives rubles for 69% of its exports (Bloomberg).^[1][2]
• The yuan's peak came in mid-2024, when the US widened secondary sanctions.^[1]
• On June 12, 2024, the US widened secondary sanctions on foreign banks dealing with sanctioned Russian entities; such banks risked losing access to US accounts and dollar payments.^[2]
• Washington sanctioned the Moscow Exchange, which suspended dollar and euro trading; Chinese banks restricted payments from Russia.^[2]
• By 2024 the yuan made up nearly half of Russia's foreign trade settlements, was the most traded currency on the Moscow Exchange and overtook the dollar in bank deposits.^[2]
• Russian businesses turned to smaller regional Chinese banks and intermediaries; STT Logistics (per Kommersant) estimates that workarounds can cost up to 20% of a transfer.^[2]
• Some Russian firms keep paying in yuan without major problems, the CEO of AIR Group says (per Kommersant).^[2]
• In the second quarter of 2026 the ruble's share of receipts for exports of goods and services reached 63% (53% in the second quarter of 2025); currencies of unfriendly jurisdictions fell to 11% (15%) and other currencies to 26% (32%).^[3]
• In settlements with Asian countries the ruble's share of export receipts rose to 62% (51%), with European countries to 77% (62%).^[3]
• On imports in the second quarter of 2026, rubles made up 55% (54%), other currencies 32% (31%) and currencies of unfriendly countries 13% (15%).^[3]
• China remains Russia's largest trading partner, with more than a third of its foreign trade turnover (per Bloomberg).^[2]
• By IMF data, the yuan accounted for less than 3% of global trade settlements in the third quarter of 2025.^[2]
• The yuan's share of SWIFT payments peaked at 4.7% in July 2024 and fell back to 2.75%.^[4]
• By Bank for International Settlements data, the dollar's share of global currency trades rose from 87% to 89%; the yuan's rose from 2% in 2013 to 8.5% in mid-June 2025.^[4]
• 72% of China's goods trade is still settled in other countries' currencies.^[4]
• Russia's dollar-alternative idea was backed by China, Brazil and South Africa, plus newer members Egypt and Ethiopia; Nigeria and Uganda are BRICS partners. Members are divided, and some prefer alternative payment systems.^[2]
• Beijing keeps capital controls and has not committed to replacing the dollar.^[2]

Implicaciones

• ConfirmadoSanctions pressure on banks made Russian businesses pay in yuan less often, as Bloomberg and Business Insider Africa report.
• ConfirmadoThe yuan has not become a visible substitute for the dollar in global payments: its SWIFT share is below the 2024 peak and the dollar's share of currency trades rose.
• Nuestra lecturaAs long as banks respect US secondary sanctions, any country that wants to pay in yuan may meet the same friction.
• Nuestra lecturaAttention may shift from a single BRICS currency to payment systems, but this is our reading, not a fact.

Todavía no se sabe

• How the Bank of Russia measures the 22% yuan share: the balance of payments review does not show the yuan separately.
• Why the Asia figures differ between the Bank of Russia (62%) and Bloomberg (69%).
• How Chinese banks and US authorities will act next year.

A quién afecta

Russia, China, Nigeria, South Africa, World. People following the yuan, the dollar and BRICS, including readers in Africa and the Asia-Pacific

Fuentes

1. Bloomberg: Russia's Push to Replace Dollar With China's Yuan Collapses 11 de noviembre de 2026 · medios
2. Business Insider Africa: Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends 11 de noviembre de 2026 · medios
3. Банк России / Bank of Russia: Платёжный баланс, международная инвестиционная позиция и внешний долг, II квартал 2026 30 de septiembre de 2026 · oficial
4. Peterson Institute for International Economics: Has the Chinese yuan's rise in global usage hit a wall? 2 de septiembre de 2026 · medios