Russia and China have significantly increased the use of their national currencies for cross-border payments, with Russia's central bank favoring the Chinese yuan for reserves due to geopolitical tensions and sanctions. The Russian central bank has been lending more Chinese yuan under currency swap operations, indicating a shift away from traditional currencies like the US dollar. This move is seen as part of a broader trend where Russia is diversifying its foreign currency reserves to reduce reliance on the dollar and align more closely with China and other BRICS nations.