Beijing’s role
Chinese Finance Minister Lan Fo’an, who co-chaired the dialogue, called for closer alignment of macroeconomic policies and cooperation in financial regulation, accounting, and taxation. “Both China and Russia are constructive forces in maintaining global strategic stability and improving global governance,” Lan said, according to state news agency TASS.
Beijing has balanced its partnership with Moscow carefully, seeking to expand its influence in global finance without drawing direct confrontation with the United States. However, the yuan’s increasing use in Russian trade underscores China’s broader ambition to internationalize its currency and establish it as a stable alternative to the dollar in Asia, Africa, and the Global South.
Analysts say that the growing use of local currencies among BRICS members — Brazil, Russia, India, China, South Africa, and new entrants like Saudi Arabia and Iran — could accelerate global de-dollarization. The BRICS bloc, which represents nearly half of the world’s population and over 30% of global GDP, has repeatedly called for creating alternative payment systems and even a common reserve currency.
“The Russia-China financial partnership is becoming the foundation of a larger movement to build a post-dollar global economy,” said Yaroslav Lissovolik, chief economist at the BRICS+ Research Group. “It’s not just about avoiding sanctions — it’s about rewriting the rules of international trade.”
