Yuan deposits replace dollar and euro in Russian banks
With Russia now officially cut off from both the US dollar and the euro, the state-owned VTB Bank has offered its clientele the opportunity to open Chinese yuan savings accounts that yield a maximum interest rate of 8%. The country’s second-biggest bank has been hit by the Western sanctions aimed at the total financial isolation of Russia over its war in Ukraine.
“In light of the rising dollar and euro exchange rates, many clients are showing interest in investing in other currencies, and the yuan is one of the most affordable and promising options for investing funds,” the bank said in a statement.
As Russia is officially cut off from the US dollar, the country’s banks are offering Chinese yuan savings accounts
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I think most countries soon enough will adopt yuan after all a big chunk of goods are sourced from china, no need of having an intermediary currency in between.
U.S. is slowly edging out it's soft power.