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He trumpeted China’s role as Russia’s number one trade partner, highlighted the use of the Russian ruble and the Chinese renminbi currency in the countries’ transactions, and said the sides would strengthen contacts between credit institutions and banks.

The Chinese yuan, or renminbi, fell to a four-month low of 7.2282 to the U.S. dollar.

"We expect bond yield gaps to remain a tailwind for the yen and renminbi as inflation in the U.S. continues to moderate and investors discount more rate cuts from the Fed," said Jonathan Petersen, senior economist at Capital Economics.

"A softer dollar environment has seen Chinese authorities turn the screws on those with short renminbi positions," ING strategist Chris Turner said.

Softening U.S. debt yields have undermined the greenback but China's yuan led the way to three-month highs as the central bank there left a key interest rate unchanged and guided the renminbi higher, just as exporters rushed to convert dollar receipts.