Reports claiming that the yuan has surpassed the euro in the ranking of global currencies turned out to be premature. Renowned financial analyst Eldar Shamsutdinov writes that Russians rushed to bury the euro and extol China’s currency.

Shamsutdinov writes on his Telegram channel:

Russian online communities are actively sharing news about the yuan becoming the second currency in settlements. However, this is not entirely accurate. The news is based on the October report from SWIFT, where indeed, the yuan is the second currency, but only in trade finance (guarantees/letters of credit). Furthermore, the yuan is primarily used for settlements with Hong Kong (government support). In the global payment ranking, the yuan still holds the fifth position.»