The situation may change after Oct. 12. An abrupt shortage of yuan or a complete refusal to accept payments from Russia by Chinese banks is possible.
Accordingly, the situation with the supply of yuan liquidity will become even more difficult, particularly as ongoing sanctions push back against the existing frameworks of trade with Russia.
Yuan liquidity in Russia was already under strain after the U.S. expanded its definition of Russia's military industry this year, making Chinese banks hesitant.
With yuan liquidity drying up from China, Russian companies turned to the central bank for yuan via currency swaps, but the Bank of Russia dashed hopes for more support.
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