Russian companies and banks are using the renminbi as their currency of choice because of sanctions against the US. James Fok, author of the book "Financial Cold War: A View of Sino-US Relations from the Financial Markets", said that the sanctions on Russia help internationalize the renminbi. Get market news that is relevant to you. You can subscribe for free. That doesn't mean the renminbi is going to start competing with the dollar in a meaningful way. Fok said that in order for it to happen, you have a lot of other pieces that have to fall into place. Russian companies are rushing to Chinese banks to inquire about opening accounts. Customers were told last week that FESCO would accept payment in Chinese currency. After Visa and Mastercard stopped doing business in Russia, some banks are considering using a Chinese card payments system. China's leaders have pursued policies aimed at internationalizing the yuan, such as successfully advocating for its inclusion in the International Monetary Fund's special drawing rights basket in 2016, an important international reserve. Over the past decade, China has been less than enthusiastic about internationalization of the yuan, with less than 2% of global payments using it. Beijing doesn't want to have a globally dominant currency because it could cause ill effects. The tight capital controls make it difficult to move assets out of China. Despite Russian interest, Chinese banks are wary of the risk of U.S. secondary sanctions. Fok said that the Russians will end up holding more renminbi as a result of the sanctions. The Chinese government would need to relax capital controls and improve rule of law in order for other countries to conduct more transactions in the Chinese currency. Fok said that a lot of the pieces on the chessboard have yet to be moved. 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