Russia reportedly wants to further cut its dependence on the US dollar by buying up Chinese yuan on the currency market

Dec 22 2022 by Business Insider

 
China's currency is playing a larger role in the Russian economy.

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Russia will start purchasing yuan on the currency market in 2023 if the country's oil and gas revenues meet expectations, Reuters reported Thursday.  The Bank of Russia will buy yuan if budget revenues from oil and gas exports exceed 8 trillion rubles, the report said.  Russia has accelerated its exposure to yuan following its invasion of Ukraine this year. 

Russia will start making purchases of...

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