Demand for the yuan increases in Russia as access to dollars and euros becomes difficult

Russian Finance Minister Anton Siluanov said that the share of the yuan in Russia's international reserves will increase further in the coming period.

Demand for Chinese yuan purchases in Russia is increasing among citizens as well as banks. In the report titled "Overview of risks in financial markets" prepared by the Central Bank of Russia, it was revealed that the demand for yuan has increased rapidly in Russia, where access to dollars and euros has become difficult. Pointing out that the position of the yuan in the Russian foreign exchange market has strengthened, the report said, "A significant part of the demand for the yuan comes from banks. In addition to professional market participants, the demand of individuals for the yuan is also increasing." The report said that 39 billion rubles (about 650 million dollars) of yuan was purchased in the Russian foreign exchange market in August, the highest level this year. The report noted that sales of dollars and euros, the currencies of countries that are not friendly to Russia, increased and money transfers to these countries also decreased. Russian Finance Minister Anton Siluanov said today that the share of the yuan in Russia's international reserves will increase further in the coming period. https://twitter.com/the_majalla/status/1567852879188205569 The Central Bank of Russia announced that the use of the dollar and the euro now poses risks, so additional measures will be introduced to help speed up the process of moving away from these currencies and to reduce banking transactions in such currencies. Russia's two largest banks, Sberbank and VTB, also announced that they would offer yuan-denominated loans. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!