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Russian banks say they've run out of yuan as Chinese firms pull away from the nation

Russian banks say they've run out of yuan as Chinese firms pull away from the nation

https://markets.businessinsider.com/news/currencies/russia-economy-china-yuan-sanctions-bank-payments-trade-transfers-2024-9

Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with Chinese firms pulling back amid fear of sanctions.

Russian banks say they've run out of yuan as Chinese firms pull away from the nation

Russia's yuan reserves are nearly depleted due to Chinese banks' fear of US sanctions.
Lenders have urged Russia's central bank to address the yuan deficit, causing the ruble to drop.
China's hesitance stems from US threats of secondary sanctions over Russia's Ukraine war financing.

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