Russia’s Central Bank Bets on Chinese Yuan Amid Sanctions Squeeze
来源：www.cryptoglobe.com;发表于:2024-04-11;人气指数:51
Thursday, April
11, 2024
Russia’s Central Bank Bets on Chinese
Yuan Amid Sanctions Squeeze
In a revealing update from Russia’s
central bank, it’s become clear that amidst ongoing international tensions, the
Chinese yuan is emerging as a crucial asset for Russia’s reserve holdings.
According to a Bloomberg News article, the Russian financial authority has
expressed a lack of viable alternatives to the yuan following the economic
repercussions of the Kremlin’s actions in Ukraine and subsequent international
sanctions.
Bloomberg highlights that, per the
central bank’s annual report, options for reserve currencies are notably thin
on the ground for Russia, given the precarious nature of financial instruments
from nations maintaining a friendly stance towards it. Issues cited include the
high volatility of these alternative currencies, their markets’ low liquidity,
and capital movement restrictions within these countries, all contributing to
the yuan’s prominence in Russia’s reserve strategy.
This development underscores the
shifting dynamics in Russia’s economic relations, as noted by Bloomberg. With
the West turning its back through sanctions in response to the Ukraine
conflict, Russia has increasingly leaned towards Asia—most notably China—to
sustain its economy. The burgeoning trade relationship with China has played a
pivotal role in enabling Russia to navigate the economic challenges posed by
Western sanctions, alongside bolstered government expenditure.
An interesting tidbit from Bloomberg’s
coverage reveals the yuan’s ascension in Russia’s financial ecosystem; it has
overtaken the US dollar as the most frequently traded currency. This marks a
significant shift from the period prior to the start of the Russia-Ukraine
conflict when the yuan’s presence in Russian markets was virtually unnoticed.
Furthermore, Bloomberg reports that as
of March 22, Russia’s international reserves were valued at $590.1 billion,
reflecting a $40 billion decrease over two years of conflict. This figure
includes $300 billion in assets frozen by Western nations—a situation the
Russian central bank is actively seeking to navigate, asserting ownership
rights over these blocked reserves.
Despite the sanctions and asset freezes,
Russia’s reserve values experienced a marginal increase in 2023, primarily
attributed to the rising price of gold, as detailed by Bloomberg. In a move
towards opacity, the Russian central bank has ceased disclosing the specific
makeup of its international reserves since the war began, opting instead to
report only on the proportions of gold and foreign currency held.
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