w its cross-border yuan business grow nine-fold last year to a record, as the Sino-Russia trade grew briskly after the Ukraine war began.
Admittedly the growth came off a low base, but these small steps in yuan adoption come after a string of bilateral deals by China with its trade partners, such as its oil purchases from the Gulf and other trade with Brazil and Russia. In Inner Mongolia, also neighbouring Russia, Bank of Inner Mongolia has been actively engaged in yuan settlements and trade financing businesses with its Russian peers, facilitating bilateral trades, official Xinhua news agency reported in March.
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