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China’s yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions

China’s yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions



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4 Comments

  1. tldr; Russian banks are reportedly seeing sharp increases in the Chinese yuan in their clients’ accounts as Western sanctions limit access to the dollar and euro. One bank saw an eight-fold surge in the volume of funds on accounts in yuan, and another saw a four-fold jump. “Under the conditions of restrictions, many companies see settlements in yuan as more stable and predictable,” MTS Bank said.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. So why is the US and EU not publicly condemning China and taking punitive action? It’s almost like the CCP get special treatment from western politicians for some reason…

  3. Russian finance consultant Yugar Aliyev told the Kommersant that a sea change is underway. In the medium term, he said, the yuan “will not only replace the dollar in settlements with China,

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