On Tuesday, the International Monetary Fund (IMF) said that the Ukraine war has shaken the entire global economy by slowing growth and jacking up inflation and could fundamentally reshape the global economic order in the longer term. It is likely to spur the creation of new China-led economic spheres.

Beijing reaffirmed its ” rock-solid relationship ” with Moscow despite many sanctions that the U.S. and the West imposed on Russia, Beijing reaffirmed its “rock-solid relationship” with Moscow. China’s foreign ministry told Reuters that China and Russia would continue to carry out normal economic and trade cooperation in mutual respect, equality, and mutual benefit.

Their trade turnover surged by 35.8% to a record-breaking 146.88 billion dollars in 2021. Shared mistrust of the West, both parties have been trying to bypass the sanctions by weighing on yuan settlement trade contracts and using China’s Cross-border Interbank Payment System (CIPs).

Wall Street Journal reported on March 15 Saudi Arabia is considering accepting Yuan Instead of Dollars for Chinese Oil Sales.

Credit Suisse’s Pozsar said in a recent note, “When this crisis (and war) is over, the U.S. dollar should be much weaker and … the renminbi much stronger, backed by a basket of commodities.”

According to Diego Parrilla, Quadriga Igneo’s manager, “There is no return from here. Russia is heading East, not West. I think globalization as we know it is finished, and we are in a de-facto bipolar world.”

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