China’s yuan and Russia’s ruble trading volume surged to a six-month high in June as the country’s exports to Russia ramped up. Meanwhile, China continued to move to elevate its currency on the world stage to challenge the US dollar’s dominance. Earlier this week, the country’s central bank announced that it was developing a yuan reserve with five nations and the Bank for International Settlements. The central bank aims to present an alternative to the USD-heavy IMF. Russia has also made moves to benefit the yuan by allowing India’s top cement producer to pay for Russian goods in yuan.