Out of: counting the costs
Russia is turning to the Chinese yuan as its preferred foreign currency and supporting it in trade with other countries.
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Since Russia has been locked out of much of the global financial system, it has sought alternatives to mitigate the impact of Western sanctions.
It has turned to China as an economic lifeline, increasingly adopting the yuan.
Trade between the two countries reached a record $190 billion last year, with a majority of those payments being made in Chinese and Russian currencies.
The US’s two biggest geopolitical rivals want to counteract the global dominance of the dollar.
Elsewhere, Ukraine has received the first IMF loan to a country at war.
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Released April 1, 2023
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