Russia’s Central Bank to Resume Yuan Trading
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.
- MOST POPULAR