America warns China and Russia about alternatives to the dollar

The US Treasury Secretary Janet Yellen has predicted that the greenback will remain the world's reserve currency, making it difficult for Russia and China to create an alternative to the US dollar in international trade. Russia is conducting a rapid withdrawal from transactions in "unfriendly" currencies, shifting away from the dollar towards the ruble and local currencies in settlements with major trade partners such as China and India. The latest data from the Bank of Russia shows that the Chinese yuan has become a major player in Russia's foreign trade, with its share in Russian import settlements increasing to 23% by the end of last year. The share of the US dollar and euro in Russia's export settlements dropped substantially last year, from 65% in January 2022 to 46% in December. In February, the yuan overtook the dollar as the most traded currency on the Russian stock market for the first time ever.