The Chinese yuan outpaced the US dollar to become the most traded foreign currency on Russia's Moscow Exchange in 2023, with the yuan trading volume accounting for almost 42 percent of all foreign currency traded on the exchange, according to media reports.

The volume of yuan trading on the exchange in 2023 more than tripled year-on-year to reach 34.2 trillion roubles ($391.5 billion), Russian news agency Sputnik reported on Tuesday, citing Russian media outlet Kommersant Daily.

It said the proportion of US dollars traded on the exchange was less than 40 percent, following the Chinese yuan. The third currency came in as euro, which accounted for less than 18 percent.

Last year, Russia's need of other friendly countries' currencies also reported increases, Sputnik said, without giving details.

Trade between China and Russia hit a record high in 2023, reaching 1.69 trillion yuan ($235.9 billion), an increase of 32.7 percent on a yearly basis, Chinese customs data showed on Friday.