Russia will reduce the share of the US dollar in its National Wealth Fund and is considering investing in other foreign currencies including the Chinese yuan.

A report shows Russia has dumped the dollar from half of its foreign exchange reserves in just a year.

Floods triggered by a new round of heavy rain that started Friday has affected over 670,000 people and caused direct economic losses of 640 million yuan (about 93 million US dollars) in east China Jiangxi province.

Russia and China sign an agreement to use national currencies in mutual trade instead of dollar.

Japan and China have signed a new agreement promoting further their national currencies against the US dollar.

As Iran is facing a fresh wave of US sanctions targeting its metal, gold and the acquisition of the US dollar, analysts say the country should try to ditch the greenback.

Iran has removed the US Dollar from its official currency rate reporting platform and replaced it with China’s Yuan in an effort that the media in Tehran say could be a key step toward ditching the greenback in trade.

China is gearing up to “vacuum up much of the Iranian oil that other nations won’t buy because of the threat of US sanctions," a senior US government energy official has said.

The launch of yuan-denominated Shanghai futures in March has created a lot of enthusiasm among international companies seeking to tap China's bustling commodity markets.

This could spell the end of the US dollar as the medium of exchange between China and Pakistan which are planning to establish a $57 billion economic corridor.