Western currencies have been almost completely phased out in Russia-China trade, as nearly all payments between the countries are now carried out in rubles and yuan, Russian First Deputy Prime Minister Andrey Belousov announced on Monday.
Since the introduction of Western sanctions on Moscow, Russia and China have accelerated the use of their own currencies in trade. According to Belousov, 95% of all transactions between Russia and China are now carried out in one of the countries’ national currencies, and given the rapid expansion of mutual trade and cooperation, this percentage is likely to grow.
Speaking at a meeting of the Russia-China intergovernmental commission in Beijing, the deputy prime minister said bilateral trade between the two countries will exceed the target of $200 billion this year, and may reach $300 billion by 2030.
He noted that China has long been among Russia’s major trade partners and that the scope of investment opportunities for the two countries is expanding.
“New joint investment projects are being launched in priority sectors such as the automotive industry, mining and gas chemical industries, agriculture, logistics, IT sector and others,” Belousov said.
Chinese companies have greatly benefited from the pullout of Western companies from the Russian market, as they have been actively filling the gaps and are eager to expand their presence in Russia further.
“The withdrawal of Western companies from Russia has created vast opportunities for Chinese partners to take part in Russia’s in oil and gas, petrochemical and car manufacturing enterprises, as well as companies producing consumer goods, glass products, and construction materials,” Belousov stated.
Russia has largely been supplying China with energy products, such as oil and gas, as well as refined products, agri-food, and industrial products. China has been exporting almost all types of goods, including food, equipment, mobile phones, electronics, engineering products, furniture, toys, textiles, clothing, and footwear.
[…]
Via https://www.rt.com/business/587666-russia-china-trade-national-currencies/
The Most Revolutionary Act 
This apparently will usher in a new wave of products and product lines, but we may not see many of them in the West, at least not in the US, anytime soon. Already parts, food, and other goods already come through a variety of individual suppliers. I wonder how the de-dollarization will fit into the larger picture.
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My prediction, Katherine, is that the US dollar will crash, since unlike other currencies it’s not back by either gold or industrial production.
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The dollar is certainly teetering. What does the US have to offer, now?
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Weapons and illicit drugs. That’s about it.
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Well, ordinary, everyday Americans have already gone through the process of de-dollarization since we don’t have any dollars. We’ve been left with only change, no dollars. So, the rest of the world may as well get with the program since we are skint; flat broke! Purchase what???? With what???
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I suppose you’re right in away, Shelby. In all important ways, the US dollar has already crashed and all that is left is a fig leaf.
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I am glad I saved some leaves before they all were blown away. But seriously, it is really sad over here, Dr. Bramhall because like you stated in the above comment, we’ve got no manufacturing base at all and so there’s really nothing going on here. We’re about finished.
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