In the historic Russia-China talks, Vladimir Putin expressed openness to accept settlements in Chinese Yuan for trade activities with Asia, Latin America, and Africa.
“We are in favour of using the Chinese Yuan in settlements between Russia and the countries of Asia, Africa, and Latin America. I am sure that these forms of payments in Yuan will be developed between Russian partners and their colleagues in third countries,” Putin said.
This comes after a series of sanctions on Russia and China from the Western powers, led by the U.S. It is also worth noting that Russia, China, and its allies are moving towards bringing back the gold standard for their respective currencies.
This would have huge implications globally as international trade is upon the U.S. Dollar, which is backed by debt.