Russia’s economy, restricted from Western financial networks and the U.S. dollar, has embraced a burgeoning alternative: the Chinese yuan
.
Energy exporters are increasingly getting paid in yuan. Russia’s sovereign-wealth fund, a war chest to support government spending burdened by , is using the Chinese currency to store its oil riches. Russian companies have borrowed in yuan, also known as renminbi, and households are stashing savings in it.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yuan to strengthen against the USD when growth optimism returns – HSBCUSD/CNY broke above the 6.90 handle. Economists at HSBC expect the Yuan to strengthen against the Dollar when risk appetite improves amid strong data
Read more »
Special Counsel turns up the heat on Trump's inner circleSpecial Counsel Jack Smith is turning up the heat, trying to force testimonies from Jared Kushner, Ivanka Trump and Former Vice President Mike Pence. Pence has said he'll fight the subpoena but how much legal merit does he have?
Read more »
Epic winter storm turns Southern California snow white; more rain and snow is on the way'Yes, we do get weather out here': The epic winter storm has moved out of Southern California, but more rain is in the forecast this week.
Read more »
Epic winter storm turns Southern California snow white; more rain and snow on the wayTimes photographer WallySkalij captured snow on the San Gabriel mountains on Sunday after a storm system for the ages passed through Southern California. Here's what you need to know for the next storm that's set to hit SoCal:
Read more »
Big Bear bald eagles seen nearly covered in snow; take turns keeping their eggs warmAs this week's winter storm dumped at least 45 inches of snow on Big Bear in a span of 72 hours, the feathered couple, Jackie and Shadow, took turns incubating their two precious eggs.
Read more »