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International relations

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)

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.

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