Posted on 09/07/2024 5:50:30 PM PDT by Cronos
Russia's banks have practically emptied their stash of yuan, largely because Chinese financial firms are spooked from doing business with the nation.
Lenders have urged Russia's central bank to address a yuan liquidity shortage in the nation, with insiders saying that access to the Chinese currency was running dry, Reuters reported.
Russia's ruble dropped nearly 5% against the yuan earlier this week, Reuters noted. The drop came shortly after Russia's finance ministry suggested the Central Bank of Russia would shrink its daily yuan sales, with central bankers selling just $200 million a day, down from the $7.3 billion sold daily in the last month.
Sberbank, a large state-owned lender in Russia, told Reuters it could no longer lend in yuan because it had "nothing to cover" the trade.
VTB, the second-largest lender in Russia, said it urged the central bank to counter the yuan liquidity shortage through currency drops, and added that exporters to the nation should sell yuan to Russia as well.
...Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with nearly all Chinese banks stopping transactions with Russia.
Russia's central bank said the yuan had become its main exchange currency this year, accounting for more than half of all currency trades in the nation.
(Excerpt) Read more at markets.businessinsider.com ...
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hope they don’t hit a BRICS wall.
US DISINFO is a thing.
I guess it has nothing to do with the government.
“US DISINFO is a thing.” Dito
Hard to miss - obvious.
Indeed trade has rapidly escalated between Russia and China.
The trade war with China preventing NVIDIA and ASML and so on from sending high end chips to China that spooks the NASDAQ down every day IMHO.
Remember when they were a 2nd world country and then they fell apart and then they started a war they couldn’t afford?
—”I guess it has nothing to do with the government.”
Or the ruble trading at 90 to the dollar in an artificial market.
No one wants to be holding rubles as they lose value.
This situation appears beyond the NO LMITS FRIENDSHIP.
FEAR NOT!
PRESIDENT Xi will be more than happy to accept Outer Manchuria in exchange and at a very good price too, for anything China has on offer.
And everyone already understands that Bolshoy Ussuriysky and Tarabarov have always been part of China.
Not to worry.
—” and then they started a war they couldn’t afford?”
Worse than that!
They failed to read their own intel reports suggesting they pencil in considerably more time than three days for the conquest of Ukraine.
Just what I was going to say. So much for BRIC.
💥PING!
Meanwhile…
#Ukraine shot itself in the foot. When Zelensky ordered to bomb bridges and water purifying station in Kursk he forgot that rivers flow towards 🇺🇦
When the purifying station was destroyed by 🇺🇦 the dirty water eventually reached Dnepr and will get to #Kyiv in a few days.
https://x.com/arthurm40330824/status/1832423086257328515?s
Vid at link
I doubt this story, China needs Russian oil.
BRICS was always a scam. PR fluff and nothing but fluff. For one thing China and India are geo-strategic enemies - why would we ever think they’re in cahoots?
“Russian banks say they’ve run out of yuan as Chinese firms pull away from the nation”
>>>>>>>>>>>>>>>>>>>><
Yes, this is being confirmed everywhere now. Looks very bad for Russia.
And to top it all they are at about 10% inflation rate right now., expected to increase to 12% soon.
And they have burned through half of their liquid assets.
The implosion of Russia has begun.
Sure China needs oil, but China can buy from a lot more places than Russia can easily sell to. That gives China by far the stronger hand to pay Russian a few kopeks on the ruble.
Meanwhile you are trying to change the topic which is about Putin’s economic disaster
China does not NEED Russian oil. They have a number of suppliers happy to sell to them, like Iran. However Putin has been selling Russian oil at a 40% discount and accepting payments in Chinese yuan.
China will make a simple deal: Putin to hand over resources for China’s help. Vladivostok is one of those territories China sees as hers
I don’t think the implosion of Russia has begun. Russia in its history goes for a long time before it collapses suddenly, in months. That’s because of its autocratic style of government where everyone pretends the Tsar is wearing fine clothes until one day suddenly everyone knows the Tsar is naked.
It never is gradual in Russia’s case.
Democracy allows for a gradual decline, even a flawed democracy will have a slow implosion.
An autocratic governance implodes suddenly and that’s Putin’s style of governance
What time is it in Poland?
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