Russia to use yuan from its forex reserves, finance minister says

[beijingwalker]

Russia to use yuan from its forex reserves, finance minister says​

Reuters
March 14, 2022

March 14 (Reuters) - Russia will use Chinese yuan from its foreign exchange reserves after Western sanctions blocked Moscow's access to the U.S. dollars and euros in the reserves, Finance Minister Anton Siluanov said on Monday.

The finance ministry will instruct the payment of a coupon on a sovereign Eurobond issue due on Wednesday in foreign currency but payment could alternatively be made in roubles if the forex payment request is rejected by Western banks, he said.

From Russia's point of view, paying a Eurobond coupon in roubles would still mean the government is fulfilling its foreign debt obligations, Siluanov added.

Russia to use yuan from its forex reserves, finance minister says

Russia will use Chinese yuan from its foreign exchange reserves after Western sanctions blocked Moscow's access to the U.S. dollars and euros in the reserves, Finance Minister Anton Siluanov said on Monday.

www.reuters.com

 

[vi-va]

Welcome!
Any countries which worry foreign exchange seized by US because of any excuse should do the same.

 

[Oracle]

next will be petro yuan from europe for oil and gas
however now russia has to win ukraine war . western media is sharing too much propaganda

 

[beijingwalker]

China's yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions, report says​

PHIL ROSEN
APR 8, 2022, 23:40 IST

AlexSava/Getty Images

• Russian banks say clients are opening more accounts in Chinese yuan instead of other currencies, Kommersant reported Friday.
• A March survey found that large Russian banks have seen a spike in funds being converted into yuan.

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.

According to a March survey conducted by Russian financial daily Kommersant, large banks have seen a spike in funds being converted from dollars and euros into yuan. New accounts are also being opened with yuan.

In Tinkoff Bank, the volume of account funds in yuan has gone up eight fold. MTS Bank saw a four-fold jump, and the Bank Saint Petersburg's increased by 3.5 times.

"Under the conditions of restrictions, many companies see settlements in yuan as more stable and predictable," MTS Bank told Kommersant. Another Russian bank noted that many companies involved in wholesale trade are switching to settlements in yuan.

The shift comes as Western countries continue to impose severe financial sanctions on Russia for its war on Ukraine, including limitations on foreign currency use. But since China has not participated in the wartime sanctions, access to the yuan remains open, making it a potential currency alternative.

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, but also become a more reliable means of international settlements for Russian companies."

But while transactions with the Chinese currency have grown, the dollar and euro remain dominant worldwide.

China's yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions, report says | Business Insider India

Russian banks are seeing a sharp uptick in business clients opening accounts with China's yuan instead of dollars or euros, a March survey found.

www.businessinsider.in

 

[beijingwalker]

China's yuan is reportedly replacing the dollar and euro in Russian bank accounts​

APR 8, 2022

• Russian banks say clients are opening more accounts in Chinese yuan instead of other currencies, Kommersant reported Friday.
• A March survey found that large Russian banks have seen a spike in funds being converted into yuan.
• One bank saw an eight-fold surge in the volume of funds on accounts in yuan, and another saw a four-fold jump.

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.

According to a March survey conducted by Russian financial daily Kommersant, large banks have seen a spike in funds being converted from dollars and euros into yuan. New accounts are also being opened with yuan.

In Tinkoff Bank, the volume of account funds in yuan has gone up eight fold. MTS Bank saw a four-fold jump, and the Bank Saint Petersburg's increased by 3.5 times.

"Under the conditions of restrictions, many companies see settlements in yuan as more stable and predictable," MTS Bank told Kommersant. Another Russian bank noted that many companies involved in wholesale trade are switching to settlements in yuan.

The shift comes as Western countries continue to impose severe financial sanctions on Russia for its war on Ukraine, including limitations on foreign currency use. But since China has not participated in the wartime sanctions, access to the yuan remains open, making it a potential currency alternative.

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, but also become a more reliable means of international settlements for Russian companies."

But while transactions with the Chinese currency have grown, the dollar and euro remain dominant worldwide.

Business Insider - Latest News in Tech, Markets, Economy & Innovation

Business Insider tells the global tech, finance, stock market, media, economy, lifestyle, real estate, AI and innovative stories you want to know.

www.businessinsider.co.za