Cryptocurrency Q&A
Did Chinese yuan take over Russia's foreign exchange market?
Did Chinese yuan take over Russia's foreign exchange market?
alexander_jackson_athlete
Mon Jul 15 2024
|
6
answers
1075
I don't understand this question. Could you please assist me in answering it?
Previous
How much XRP & bitcoin have you lost?
Next
What is the cheapest cryptocurrency to transfer between exchanges?
6 answers
Chiara
Wed Jul 17 2024
Recent US sanctions against Russia have compelled the country's primary exchange to sever ties with the dollar and euro.
Was this helpful?
369
30
ShadowFox
Wed Jul 17 2024
This shift in currency alliances has been facilitated by the yuan's increasing acceptance and liquidity in international markets.
Was this helpful?
56
29
Tommaso
Wed Jul 17 2024
According to a Bank of Russia review cited by Bloomberg, in June, yuan transactions accounted for 99.6% of FX-trading volumes in the country.
Was this helpful?
210
45
TaegeukWarrior
Wed Jul 17 2024
This significant rise in yuan usage reflects Russia's desire to diversify its foreign-exchange holdings and reduce reliance on Western currencies.
Was this helpful?
179
46
SakuraTide
Wed Jul 17 2024
The Chinese yuan's ascendance in Russia's foreign-exchange market is drawing closer to culmination.
Was this helpful?
201
74
Load 5 more related questions
