Last week, the Zhejiang Chouzhou Commercial Bank suspended all transactions for clients from Russia and Belarus, raising concerns about the potential impact on Russian exporters. The move may have been influenced by recent expansions of U.S. financial controls and the risk of secondary sanctions.
While the Chinese Foreign Ministry has not commented on the issue, Russian officials express confidence in resolving the matter with Beijing.
China has been trying that for some time, also with its BRICS partners with whom they intended to introduce a new currency (supposedly for the trade within BRICS), but the countries couldn’t find an agreement.
The most important task if you want to create such a new currency is building trust between nations, companies, and people. This is where you need to start imho. Focusing on external factors - like ‘against the dollar’ or ‘fighting [insert any external issue]’ - leads you astray. A currency without trust will fail.