Source link The Chinese currency now accounts for the largest share of forex trading, the regulator reports The share of the Chinese yuan on Russia’s foreign exchange market hit an all-time high in March, the Bank of Russia (CBR) reported in its financial risk review on Monday. Russia’s shift away from major Western currencies started […]
Source link Russia is not the only major economy to use the Chinese currency for trade settlements as more and more nations seek alternatives to the greenback When Russia’s foreign exchange reserves were frozen and the country was cut off from the SWIFT messaging system in light of the Ukraine conflict, Moscow turned to other […]
Source link The Chinese currency has topped the Japanese yen in international transactions, according to data The Chinese yuan has risen to become the fourth most active currency for global payments by value in November 2023, the latest transaction data compiled by global financial messaging service SWIFT has shown. According to the report issued this […]
Source link Western restrictions imposed on Moscow have boosted the Chinese currency, Oleg Deripaska claims The share of Chinese yuan in global payments has nearly doubled because of the sanctions policies pursued by the US and the EU, Russian businessman Oleg Deripaska said on Wednesday. The aluminum magnate referred to a report in the Financial […]
Source link Low interest rates have sparked a global rush to borrow in China, the outlet has said Global companies are reaping record profits through yuan-denominated bonds and are borrowing heavily from Chinese lenders at low interest rates, at a time when the cost of using Western banks is skyrocketing, Reuters reported on Friday. According […]