Russia's central bank reserves turn to Chinese yuan amidst standoff

By
Nikolai Petrovsky
1 min read
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Amidst Russia's prolonged conflict with Ukraine and the subsequent seizure of its international assets, the country's central bank has stated that there are limited alternatives to China’s currency for use as reserves. The central bank's annual report released on Friday emphasized that the financial instruments of nations friendly to Russia carry too many risks. This decision signals a significant shift in the geopolitical and economic landscape, as Russia aligns its reserves with the Chinese yuan amidst the ongoing confrontation.

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