ICYMI - China's use of yuan to buy Russian commodities surges

Via Reuters, citing "multiple trading executives with direct knowledge of the matter"

• China has dramatically increased use of the yuan to buy Russian commodities Commodities Commodities are assets that are either naturally grown or occurring in the environment. Most commonly this includes precious metals such as gold, silver, and palladium.Beyond metals, commodities can also focus on agricultural or industrial goods that are central to manufacturing or other sectors. This includes crude oil, copper, wheat, and others.Relative to other assets, commodities are an extremely complex form of investment, with many similarities and differences to existing products.Commodit Commodities are assets that are either naturally grown or occurring in the environment. Most commonly this includes precious metals such as gold, silver, and palladium.Beyond metals, commodities can also focus on agricultural or industrial goods that are central to manufacturing or other sectors. This includes crude oil, copper, wheat, and others.Relative to other assets, commodities are an extremely complex form of investment, with many similarities and differences to existing products.Commodit Read this Term over the past year, with nearly all of its purchases of oil, coal and some metals from its neighbour now settled in the Chinese currency instead of dollars

The latest hard data is from March:

• yuan (AKA renminbi) became the most widely-used currency for cross-border transactions in China, overtaking the dollar for the first time
• its share as a global payments currency remains small at 2.5%, according to SWIFT, compared with 39.4% for the dollar and 35.8% for the euro

BNP Paribas Asset Management in Hong Kong:

• predicts a long-term "snowball effect" as more countries join the "RMB bloc" to reduce risks of dollar exposure, "especially after they've seen what the U.S.-led sanctions against Russia have done"
• "This is a very long term development stretching into the coming one or two, even three decades,"

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One for the de-dollarization folks!