The yuan’s the new dollar as Russia rides to the redback

China is seeking to capitalize on a rapid “yuanization” of Russia’s economy this year as the isolated country seeks financial security from Asian powerhouse China. The yuan has been making gradual inroads into Russia for years, the crawl has turned into a sprint in the past nine months. Total transactions in the yuan-rouble pair on the Moscow Exchange ballooned to an average of almost 9 billion yuan ($1.25 billion) a day last month, exchange data showed. Seven Russian corporate giants, including Rusal, Rosneft and Aluminium producer Aluminium, have raised 42 billion yuan in bonds on the market on the Russian market, according to calculations. The U.S. Treasury declined to comment on the yuan . . .