21 Mar 2023 (approximate)

“The de-dollarization of the economy, which the Russian authorities are so proud of, essentially translates into 'yuanization.' Russia is drifting toward a yuan currency zone, swapping its dollar dependence for reliance on the yuan. This is hardly a reliable substitution: now Russian reserves and payments will be influenced by the policies of the Chinese Communist Party and the People's Bank of China. Should relations between the two countries deteriorate, Russia may face reserve losses and payment disruptions.”

www.aljazeera.com/economy/2023/3/21/no...
Type of Source: News

Alexandra Prokopenko

   Researcher, Academic

Visiting fellow at the German Council on Foreign Relations

Contexts (to suggest a new Context click here)

China - Russia economic relations

China - Russia relations

Russia de-dollarization of the economy - Considerations