Caixin
Jan 12, 2023 08:23 PM
FINANCE

Russia’s Central Bank to Resume Yuan Trading

A Russian flag flies atop the Russian central bank in April 2022 in Moscow.Photo: VCG
A Russian flag flies atop the Russian central bank in April 2022 in Moscow.Photo: VCG

Russia’s central bank will resume yuan transactions in the domestic forex market on Friday, almost a year after it suspended purchases, as the Chinese currency has risen in popularity as an alternative to the U.S. dollar.

The resumption was announced by the Bank of Russia Wednesday, and comes as the yuan has gained more traction in Russia following Western sanctions on the country over its invasion of Ukraine in February 2022. To trim their dependence on the U.S. dollar, Russian companies have increasingly turned to the Chinese currency for business and investment.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST