Trade in the Chinese yuan and the Russian ruble has risen more than 1,000% since the start of the war in Ukraine as the two countries strengthen ties, Bloomberg writes.

Monthly trading volumes in yuan and rubles have risen 1067% to just under $4 billion since the start of the war at the end of February.

China's trade with Russia rose 12% year on year in March, faster than trade with the rest of the world. Russian imports from China declined, but trade in the other direction accelerated, likely reflecting higher energy prices.

In April, Russia said it expects trade with China to reach $200 billion by 2024, up from about $150 billion last year.

Meanwhile, tough U.S. sanctions on Russia and tight capital controls imposed by Moscow have led to a sharp drop in the dollar against the ruble. Bloomberg reported that trading volume in the dollar-ruble pair fell to its lowest level in a decade.