Russian affiliates of Chinese banks have halted processing settlements in Russia-China trade in dollars and euros. This move is expected to increase settlements in national currencies, specifically roubles and yuan. According to the Russian Central Bank, the Chinese yuan will become Russia's main currency, with the yuan/ruble exchange rate setting the trajectory for other currency pairs, including the euro and dollar. Meanwhile, many Russian banks are experiencing a shortage of dollars, leading to long lines at banks and ATMs as people attempt to withdraw cash. This follows new US sanctions.
NEW: The 🇨🇳 Chinese Yuan will become 🇷🇺 Russia's main currency as the exchange rate of the yuan/ruble will set the trajectory for other currency pairs. Few Russian banks have dollars available, with people lining up at banks and ATMs to withdraw cash. https://t.co/X0KWhwqj73
Maybe a few words of caution about the USD/RUB exchange rate following new US sanctions 1. Russia has been relying more and more on the CNY renminbi to conduct actual international trade 2. It is not going to prevent russia from acquiring dollars when needed. Why? https://t.co/dSnTmUm1ym
Chinese Yuan will become Russia's main currency - Russian Central Bank The yuan/ruble exchange rate will now set the trajectory for all other currency pairs, including the euro and dollar, the bank's statement said. Meanwhile, in many Russian banks there are no dollars… https://t.co/A2O1F4fFxA https://t.co/GtGHwphOFv
RUSSIAN AFFILIATES OF CHINESE BANKS HALTED PROCESSING SETTLEMENTS IN RUSSIA-CHINA TRADE IN DOLLARS AND EUROS - SOURCES
⚠️ RUSSIAN AFFILIATES OF CHINESE BANKS HALTED PROCESSING SETTLEMENTS IN RUSSIA-CHINA TRADE IN DOLLARS AND EUROS - SOURCE **BANKS WILL LIKELY INCREASE SETTLEMENTS IN NATIONAL CURRENCIES, IN ROUBLES AND YUAN - SOURCE
RUSSIAN AFFILIATES OF CHINESE BANKS HALTED PROCESSING SETTLEMENTS IN RUSSIA-CHINA TRADE IN DOLLARS AND EUROS - SOURCE