Contents tagged with yuan
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Russia faces major trade disruption as Chinese banks reject Yuan payments
Russian importers are grappling with a new significant issue in their transactions with China. Payments in yuan bought in Russia are increasingly being rejected, causing alarm among market participants, reports The Moscow Times. Both Chinese banks and payment agents handling transfers to the East via third countries are wary of dealing with such funds, sources say.
Market insiders revealed that new terminologies— "clean" and "dirty" yuan—have emerged in the cross-border payments sector since …
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Yuan dominates Moscow Exchange as US sanctions reshape Russian currency market
Following the imposition of US sanctions, the Moscow Exchange has effectively become an exchange point where the Chinese yuan is the primary currency, reports The Moscow Times.
According to the Central Bank of Russia, the yuan now accounts for 99.6% of the currency trading market. The remaining 0.4% comprises friendly currencies like the Belarusian ruble and the Kazakhstani tenge.
Before the Russian invasion of Ukraine, the yuan constituted only 3.5% of currency transactions on the Moscow …
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Yuan trading at risk on Moscow Exchange amid escalating sanctions and stock market panic
There’s a growing panic on the Russian stock market, and now the Moscow Exchange may have to halt trading of the Chinese national currency, the yuan.
This comes in the wake of the Moscow Exchange being cut off from trading in US dollars and euros, leading to mounting concerns that the Chinese yuan could be next.
Reports from Russian media, citing experts, indicate high risks that Chinese banks will cease cooperation with the Moscow Exchange and the National Clearing Center of the Russian …