Russia-China Relations: The Yuan and Ruble Amid Sanctions
Saturday, 7 September 2024, 09:33
Sanctioned Trade: Yuan and Ruble Dynamics
The ongoing sanctions against Russia are driving significant changes in the economic landscape for both Russia and China. As Chinese banks pull back their investments in Russia, the reliance on the yuan and ruble for bilateral trade faces scrutiny.
Asset Reductions and Financial Implications
- Bank of China has reduced its assets in Russia by 37 percent, totaling 355.9 billion rubles ($3.9 billion).
- Industrial and Commercial Bank of China cut assets by 27 percent, now standing at 462.4 billion rubles ($5.1 billion).
The repercussions for China and Russia’s economic ties could be profound, as the sanctions pose a threat to their previously stable financial relationship.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.