Can Russia and China succeed in dethroning the dollar?

Russia is turning to the Chinese Yuan as a preferred foreign currency and supporting it in trade with other countries.

Since being excluded from much of the global financial system, Russia has sought alternatives to mitigate the effects of Western sanctions.

It has turned to China for an economic lifeline and has increasingly embraced the yuan.

Trade between the two countries hit a record $190 billion last year, with much of those payments made in Chinese and Russian currencies.

The United States’ two biggest geopolitical rivals want to counterbalance the dominance of the dollar worldwide.

Elsewhere, Ukraine has secured the first loan from the IMF to a country at war.