Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends
Published . Updated .
Key takeaways
- Russia has effectively abandoned its attempt to replace the US dollar with Chinas yuan in international trade under pressure from US secondary sanctions, dealing a major setback to its years-long campaign to reduce dependence on the American currency
- Exposed: FXI, CEW, BABA, NTES, JD
- Market reaction: price tracking starts with the next trading session.
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Russia has effectively abandoned its attempt to replace the US dollar with Chinas yuan in international trade under pressure from US secondary sanctions, dealing a major setback to its years-long campaign to reduce dependence on the American currency
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund-1.1% 30d
United States Oil Fund: its price follows crude oil. Linked by “russia” (oil) in this story.
- XLE Energy Select Sector SPDR+6.5% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “russia” (oil) in this story.
- UNG United States Natural Gas Fund-13.5% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “russia” (natural gas) in this story.
- KWEB KraneShares CSI China Internet ETF-6.4% 30d
KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “chinese” (Chinese tech) in this story.
- FXI iShares China Large-Cap ETF-3.0% 30d
iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“chinese”).
- CEW WisdomTree Emerging Currency Strategy Fund
WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from China.
- XOM ExxonMobil Holdings-2.7% 17d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “russia” (oil) in this story.
- CVX Chevron+3.3% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “russia” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USONo price data for this ticker | — | — | — | — | — | — | — |
| XLENo price data for this ticker | — | — | — | — | — | — | — |
| UNGNo price data for this ticker | — | — | — | — | — | — | — |
| KWEBNo price data for this ticker | — | — | — | — | — | — | — |
| FXI | +2.96% | +2.17% | base | after close | after close | after close | after close |
| CEW | +0.00% | +0.00% | base | after close | after close | after close | after close |
| XOMNo price data for this ticker | — | — | — | — | — | — | — |
| CVXNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends Business Insider Africa
Source: Business Insider Africa
Price since this story was published: Ishares China Large-Cap Etf (FXI)
| Company | When | Move | Status |
|---|---|---|---|
| Wisdomtree Tr (CEW) | three days earlier | 0.00% | final price |
| Wisdomtree Tr (CEW) | five days earlier | 0.00% | final price |
| Ishares China Large-Cap Etf (FXI) | three days earlier | +2.17% | final price |
| Ishares China Large-Cap Etf (FXI) | five days earlier | +2.96% | final price |
Congressional trades in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 73 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 50 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 71 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Ishares China Large-Cap Etf (FXI)
Companies carried with this story
- FXI Ishares China Large-Cap Etf
Ishares China Large-Cap Etf (FXI) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends.” Reason on file: iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“chinese”)
- CEW Wisdomtree Tr
In “Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends,” Wisdomtree Tr (CEW) is linked, with no stored direction, medium confidence. Reason on file: WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from China
- BABA Alibaba Group Holding
Alibaba Group Holding (BABA) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends.” Reason on file: Alibaba Group Holding (business services) is one of the largest China-based companies traded in the US, so news about China (“chinese”) reaches its shares
- NTES NetEase
NetEase (NTES) is linked, with no stored direction, medium confidence in the 12 Nov 2026 story “Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends.” Reason on file: NetEase (prepackaged software) is one of the largest China-based companies traded in the US, so news about China (“chinese”) reaches its shares
- JD JD.com
For “Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends,” JD.com (JD) is linked, with no stored direction, medium confidence. Reason on file: JD.com (retail stores) is one of the largest China-based companies traded in the US, so news about China (“chinese”) reaches its shares
- BIDU Baidu
For “Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends,” Baidu (BIDU) is linked, with no stored direction, medium confidence. Reason on file: Baidu (computer programming, data processing, etc.) is one of the largest China-based companies traded in the US, so news about China (“chinese”) reaches its shares
Ishares China Large-Cap Etf (FXI)
On 12 Nov 2026, “Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends” is the story that connects Ishares China Large-Cap Etf (FXI) to this story.
The link for Ishares China Large-Cap Etf (FXI) is this: iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“chinese”)
Wisdomtree Tr (CEW) is here too. Its reason reads: WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from China
Dates in the story, and the Ishares China Large-Cap Etf (FXI) price range
BABA traded between 99.59 and 112.70 across 10 sessions. The latest close on file is 100.27. FXI traded between 32.14 and 34.36 across 20 sessions. The latest close on file is 33.21.
How strong the case is around Ishares China Large-Cap Etf (FXI)
46 out of 100
“Russia bows out of attempt to replace US dollar with Chinese yuan after years of promoting currency alternatives among its BRICS friends” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.