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26 January 2024, 19:55

Chinese yuan share in Belarus’ foreign trade on the rise

Photo courtesy of Unsplash
Photo courtesy of Unsplash
MINSK, 26 January (BelTA) – The position the Chinese yuan occupies in Belarus’ foreign trade has grown stronger, BelTA learned from a report by Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Dmitry Kalechits.

Dmitry Kalechits said: “External conditions remained unfavorable in 2023: continued sanctions-fueled restrictions and the tense geopolitical situation. Thanks to the measures implemented by the state the economy and banks continued adapting and were able to establish effective operation in the new conditions. Economic ties had to be reworked. Commodity flows had to be redirected to markets of friendly countries. All of it contributed to preserving positive dynamics of foreign trade. While the new geographical structure remains comparatively stable, foreign trade with a group of friendly countries gradually expands. The share of the Chinese yuan has increased in Belarus’ foreign trade while the U.S. dollar share has dropped.”

The structure of operations on the domestic currency market continued changing. In H1 2023 U.S. dollars and euros were used in more than half of the total volume of operations. The Russian ruble and the Chinese yuan overtook those currencies in July 2023 and have been gaining ever since. The share of the Russian ruble and the Chinese yuan exceeded 58% in December 2023.

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