Exclusive: Russia likely to buy yuan on FX market in 2023 sources


Source: reuters.com reuters.com

Key Topics in this News Article:

News Snapshot:

Summary Summary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine MOSCOW, Dec 22 (Reuters) - Russia will start buying yuan on the currency market next year if oil and gas revenues meet expectations, two sources said, opening a new front in an accelerating dedollarisation drive designed to reduce its dependency on Western finance. Western sanctions on Moscow over its actions in Ukraine have curbed its use of and access to dollars and euros, and the Chinese currency's role in Russia's economy is growing fast. Daily yuan-rouble trading volumes on the...