Renminbi’s share of trade finance doubles since start of Ukraine war

The renminbi’s share of trade finance has more than doubled since the invasion of Ukraine, analysis by the Financial Times has found — a surge that analysts say reflects both greater use of China’s currency to facilitate trade with Russia and the rising cost of dollar financing.

Trade financing data from Swift, the international payments and financing platform, shows that the renminbi’s share by value of the market had risen…