The yuan volume in correspondent accounts of Russian banks abroad decreased to its lowest level since June 2022, reaching 6.8 billion dollars. RBC According to Central Bank data.
In December 2023, the currency in yuan nostro accounts decreased by 25.7%, or 2.3 billion dollars. This happened in an environment where banks intensified the issuance of yuan-denominated loans in Russia.
According to Gazprombank General Manager Yegor Susin, in December banks transferred some of the loans from “toxic” currencies to yuan and partially issued new loans in Chinese currency.
“Obviously, banks cannot withdraw enough yuan to the passive side and are forced to use the liquidity reserves they hold in correspondent accounts to lend,” the expert said.
According to Yuri Belikov, general director of the Expert RA rating agency, the decrease in balances may be due to the tightening of policies of foreign counterparty banks due to secondary sanctions risks.
There was before that named A currency that can replace the dollar.
Previously Russia rose Ranked by foreign exchange reserves