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T.H.E.M.
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China’s yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions, report says
China’s yuan is replacing the dollar and euro in Russian bank accounts amid Western sanctions, report says
- 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. …..More Here
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