MOSCOW :Russia said it would resume foreign currency interventions with the sale of yuan from Friday, underscoring the growing importance of China's currency in Moscow's efforts to ensure economic stability amid Western sanctions.After the West imposed the most severe sanctions in modern history over the war
MOSCOW :Russia said it would resume foreign currency interventions with the sale of yuan from Friday, underscoring the growing importance of China's currency in Moscow's efforts to ensure economic stability amid Western sanctions.
Chinese students have flocked to Russian universities, Mandarin graces signs in Moscow tourist spots alongside English and Russian, and President Vladimir Putin has touted a"no limits" partnership with President Xi Jinping. "In order to increase the stability and predictability of domestic economic conditions, as well as to reduce the impact of volatile energy market conditions on the Russian economy and public finances, the Finance Ministry will resume operations for the purchase/sale of liquid assets," the ministry said.
In Russia, where the U.S. dollar was king for years following the collapse of the Soviet Union in 1991, China's yuan, or renminbi, has become a major player in Moscow since the imposition of Western sanctions.
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Russia to resume forex interventions with sale of Chinese yuanRussia said it would resume intervention with the sale of Chinese yuan on the foreign currency market from Friday as part of the budget rule mechanism, the finance ministry and Central Bank said.'Transactions will be carried out in the currency section of the Moscow Exchange in Chinese yuan — ruble inst
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