In the Chinese city of Yiwu, home to the world’s largest wholesale market for small manufactured goods, socks exporter John Zhu is heartened by the rising number of Russian traders willing to settle their bills in renminbi.
“Russia’s break-up with the west leaves the country no choice but to rely on the renminbi to keep its economy afloat,” said Zhu, noting that clients in Moscow sent renminbi payments via WeChat, the Chinese social media app. “We are a beneficiary of the trend.”
With its 75,000 stores, Yiwu has been nicknamed China’s trinket town, the centre of a multibillion-dollar trade in everything from Christmas decorations to toys and umbrellas to pencils.
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