Russia’s demand for Yuan is doubling

Russia’s central bank has given banks 2.5 billion Chinese yuan ($346.25 million) in exchange for 31.8 billion roubles in currency swap operations.

The bank plans to change exchange rates for yuan sales starting March 25 and raise the daily volume of currency exchange transactions from 10 billion yuan to 20 billion yuan.

The bank believes the Chinese yuan’s pivotal role in creating reserve assets is limited by risks associated with investing in “unfriendly” nations.


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