Russia Turns to China’s Yuan in Effort to Ditch the Dollar
Russia Turns to China’s Yuan in Effort to Ditch the Dollar
Russia’s economy, restricted from Western financial networks and the U.S. dollar, has embraced a burgeoning alternative: the Chinese yuan.
Energy exporters are increasingly getting paid in yuan. Russia’s sovereign-wealth fund, a war chest to support government spending burdened by battlefield costs in Ukraine, is using the Chinese currency to store its oil riches. Russian companies have borrowed in yuan, also known as renminbi, and households are stashing savings in it.
The Chinese currency’s rise inside Russia deepens ties between two countries that have long rivaled each other for global influence but have grown closer amid shared discontent with the West. It also serves China’s long standing but mostly frustrated campaign to make the yuan a more prominent feature of global finance and commerce.
Moscow has jettisoned concerns about giving China too much leverage over its economy, said Alexander Gabuev, a senior fellow at the Carnegie Endowment for International Peace.
READ MORE: https://www.wsj.com/articles/russia-turns-to-chinas-yuan-in-effort-to-ditch-the-dollar-a8111457
Links for B.C.
Visit My Website
https://bcbegley.com
Subscribe To My Patreon
https://www.patreon.com/bcbegley
Watch Me On YouTube
https://www.youtube.com/channel/UCGoU...
Follow Me On Twitter
https://twitter.com/BC_News1
Watch Me On Rumble
https://rumble.com/c/c-280191
Follow Me On Gab
https://gab.com/BC_Begley
Follow Me On Parler
https://parler.com/profile/Bcbegley20...
Watch Me On BitChute
https://www.bitchute.com/channel/FYML...
Subscribe To The Apocalypse Watch App
https://newapocalypsewatch.com
-
1:27
B.C. Begley
1 day agoHome owners about to get slammed with higher monthly payments
721 -
LIVE
The Anthony Rogers Show
10 hours agoEpisode 225 - JT Barnett (Producer of Tiger King)
839 watching -
31:30
Degenerate Plays
1 day agoThe True American Sniper Is At Half-Mast - Call Of Duty Modern Warfare Remastered : Part 10
1331 -
LIVE
WeAreChange
2 hours agoTrump Has A Clear Path To Victory But It's A TRAP...
1,858 watching -
Kim Iversen
3 hours agoAzov Battalion Enacted a Silent Coup in Ukraine | Jack Posobiec: The Secret History Of Communist Revolutions
15.5K69 -
1:43:19
The Nima Yamini Show
2 hours agoMilo Yiannopoulos X Nima Yamini
7.74K11 -
2:11:25
Robert Gouveia
6 hours agoJack Smith in DANGER; Bragg's BIG Sentencing PROBLEM; Classified Docs DISMISSAL Fight
32.7K50 -
59:41
The StoneZONE with Roger Stone
9 hours agoKash Patel Joins Roger Stone To Talk About The Best Week In Donald Trump's Life | The StoneZONE
18.6K21 -
56:42
Edge of Wonder
7 hours agoIs Japan’s “Atlantis” Yonaguni Monument Man-Made? New Evidence Emerges
22K5 -
15:00
CarbonTV
19 days agoDECIVILIZED - CAMP LIFE
32.6K15