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running like hot and bothered cakes....

Yuan displacing dollar on Russia’s foreign exchange market – Central Bank
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 with the US and EU sanctions imposed on the country over the Ukraine conflict. The financial restrictions made cross-border trade in euros and dollars more difficult and their presence on the domestic foreign exchange market less important.

The turnover of exchange-traded yuan amounted to 53% last month compared to 46.6% in February, according to the CBR. The share of renminbi in over-the-counter trading also posted a record high, reaching 39.6%.

Meanwhile, the share of Western currencies, including the US dollar and the euro, dropped to 46.4% on the exchange in March from 52.8% the previous month, data showed. In the over-the-counter segment, the share of the greenback and euro also continued to decline, decreasing to 54.7% from 59.8% in February.

Analysts say the changes in the yuan and dollar trading volumes reflect Russia’s shift away from transacting in the currencies of so-called ‘unfriendly’ countries against the backdrop of international sanctions.

The restrictions include the blacklisting of a number of Russian banks and their removal from the SWIFT interbank messaging system, as well as bans on transactions with Russian financial entities and the freezing of foreign exchange reserves.

Meanwhile, Russia continues to establish the conditions for settlements in various national currencies, according to CBR Governor Elvira Nabiullina. Over the past year, the volume of settlements in currencies other than the dollar and euro has surged from 39% to 67%, according to her.

A number of Russian officials including Finance Minister Anton Siluanov, have repeatedly said the country no longer trusts the US currency, calling it “a completely unreliable instrument.”

 

https://www.rt.com/business/595642-yuan-trading-russian-forex-market/

 

it's time for being earnest.....

 

 

yelling yellen.....

https://www.youtube.com/watch?v=qHcpzJLJizk

NEXT CHAPTER: CHINA Welcomes Russia as Strategic Partner After Failed Janet Yellen's Threats

 

Relations between Beijing and Moscow are their business alone, Chinese Foreign Ministry spokeswoman Mao Ning has said, responding to veiled threats by a senior American diplomat.

US Deputy Secretary of State Kurt Campbell said on Tuesday that any further Russian advances in Ukraine will “have an impact” on the US-China relationship. 

“China and Russia have the right to carry out normal cooperation. Such cooperation should not come under external interference or constraint,”Mao said, when asked about Campbell’s comments at Wednesday’s press briefing. “China will not accept the accusations and pressuring.”

Speaking to the nonprofit National Committee on US-China Relations, Campbell – who recently took over from Victoria Nuland – said that recent Russian gains could “alter the balance of power in Europe in ways that are, frankly, unacceptable” to Washington, and that the State Department has told Beijing as much.

“On Ukraine, China has always taken an objective and just position and played a constructive role in actively promoting peace talks,” Mao told reporters. “If certain countries truly care about peace and want an early end to the crisis, they should reflect on the root cause of the crisis and do something that will actually help bring about peace, rather than deflect the blame to China.”

Beijing has repeatedly resisted US pressure to side with Kiev and join the Washington-led embargo against Moscow. 

Campbell’s remarks echoed the statements made by US Treasury Secretary Janet Yellen during her visit to China earlier this week. Mao responded by saying that China would “take resolute measures to safeguard our legitimate rights and interests.”

On Wednesday, the Chinese Foreign Ministry spokeswoman also condemned US travel warnings as “totally unwarranted,” “wrongful” and “groundless,” noting that they have “deterred many Americans” who wanted to visit the country.

China and other members of BRICS have helped Russia mitigate the “illegal policy of unilateral sanctions” by the West, Russian Foreign Minister Sergey Lavrov said on Tuesday, after meeting his counterpart Wang Yi in Beijing.

Moscow’s trade with the rest of the world has surged over the past two years, more than offsetting the embargo by the US and its allies, imposed over the Ukraine conflict.

https://www.rt.com/news/595703-china-us-threats-russia/

 

GUSNOTE: CHINA IS CAPITALIST COMMUNIST WHILE KIEV IS NAZI FASCIST....

 

 

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