Bank of Russia Sees No Alternative to Yuan for Its Reserves

From bnnbloomberg.ca

Russia’s central bank said it has no better options than the Chinese yuan for its reserves after two years of the Kremlin’s war on Ukraine and the subsequent seizure of its international assets. There are limited alternatives to China’s currency for use as reserves because the financial instruments of nations that are friendly to Russia carry too many risks, the central bank wrote in its annual report released Friday. “The exchange rates of these currencies are highly volatile, the markets have low liquidity, and in a number of such countries there are restrictions on the movement of capital, which is an ... (full story)