De-dollarization of the Russian and Chinese national economies

For more than a decade, China and Russia have sought to reduce the use of the US dollar or "de-dollarize" their economies, seeking to protect their economies from US sanctions, reduce exposure to US economic and monetary policy, and assert global economic leadership. While China and Russia have somewhat reduced the use of the dollar, both countries, like most countries, still rely heavily on the dollar. China has significant dollar reserves and does not allow free trade in the yuan on foreign exchange markets. This restricts the use of the yuan in cross-border transactions and limits China's broader de-dollarization efforts. The Russian ruble has not been widely distributed abroad, and the world energy markets (Russia's main export) are traditionally denominated in dollars.