China and Russia ditch dollar in move toward 'financial alliance'

Greenback's share of neighbors' trade falls below 50% for first time

China and Russia have roughly halved their use of the dollar in trade settlements over the past five years. (Source photo by AP)

DIMITRI SIMES, Contributing writer

August 6, 2020 17:29 JST

MOSCOW -- Russia and China are partnering to reduce their dependence on the dollar -- a development some experts say could lead to a "financial alliance" between them.

In the first quarter of 2020, the dollar's share of trade between Russia and China fell below 50% for the first time on record, according to recent data from Russia's Central Bank and Federal Customs Service.