“We all know that China holds the biggest forex exchange reserves globally, and among them, the US dollar dominates. It's also noteworthy that China's foreign exchange reserves fell around $28bn to $3.22 trillion in January this year. China also relies heavily on the SWIFT system. These facts might well lead China to a somewhat prudent move when it comes to providing financing with Russia, as jeopardising its own ability to transact in US dollars would never be a good idea.”
28 Feb 2022
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