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Financial Times — World — Renminbi adoption — Renminbi — War in Ukraine — Russian Business & Finance

Russia embraces China’s renminbi in face of western sanctions

Russia pivots to renminbi as a reserve currency and for overseas trade amid western sanctions, with China's currency accounting for 16% of Russia's export payments.

1 min read
  • Russia pivots towards the renminbi as a reserve currency amid western sanctions.
  • Renminbi-denominated bank accounts are increasing in Russia.
  • China's desire for international adoption of the renminbi has gone largely unfulfilled.
  • Renminbi accounts for 16% of Russia's export payments.
  • More than 50 Russian banks now offer renminbi-denominated deposits.
Russia embraces China’s renminbi in face of western sanctions
Shift away from using ‘toxic currencies’ for trade and reserves accompanies increase in yuan-denominated bank accounts
Financial TimesAnastasia Stognei

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