China’s yuan surge in Russia hits a wall: US sanctions and shortage limit growth

Quick Summary:

Elsewhere, companies have turned to the yuan alongside the ruble when converting dollar and euro loans and issuing new bonds, while the Bank of Russia uses the Chinese currency for National Wellbeing Fund operations.

US shareholders of the Netherlands’s Yandex NV received yuan instead of dollars or euros, which were impossible to transfer from Russia, when it sold its Russian business, according to two people familiar with the roughly $2.5 billion cash component of the deal, who asked not to be identified.

As a result, China has become Russia’s main trading partner, and the yuan now accounts for about 40 percent of Russia’s export and import payments and more than half the turnover on Russia’s foreign currency market.

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Article Details

Author / Journalist: BusinessMirror

Category: BusinessStartups

Markets: PhilippinesAustraliaChinaGermanyNetherlandsSingaporeUkraineVietnam

Topics: Russia’s China’s Russia Yuan Russian Other Trade Banks Percent Currency China

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-12 @ 12:33:16 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 919 words

Reading Time: 6 minutes read

Sentences: 29 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 21584665

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