Having invested 17% of the gold and foreign exchange reserves in the Yuan, the Russian authorities admitted that it is simply impossible to withdraw funds from Chinese assets, Bloomberg writes.
According to the document, the Russian authorities are discussing the opportunity to buy yuan and other “soft” currencies for $ 70 billion. At the same time, the Central Bank of the Russian Federation recognizes that after the sanctions and the ban on operations with dollars and euros, it is not easy to find assets for gold and foreign exchange reserves.
“The choice is reduced to a few” friendly “countries. But the Turkish lyre cannot get out of the” corkscrew “chronic devaluation and for 10 years has lost 90% of the cost. The Dirham of the UAE, according to the presentation, is subject to” political risks “: American officials were substantiated to the Emirates. who demand not to turn oak into a hub to circumvent sanctions. Only Yuan remains, but there are problems with it: you can invest in Chinese assets relatively easily, and not to take it back. This requires the resolution of the Chinese authorities, but “it will be” it will be It is very difficult to get a crisis, ”the Bloomberg document says.
Before the war in Ukraine, the Central Bank of Russia, according to its annual report, kept $ 105 billion in Yuan. He began to buy Chinese currency in 2018 when the United States imposed sanctions against Rusal and discussed measures against the Russian public debt. In 2021, the US Department of Finance joined the Central Bank, which transferred the dollar part of the National Welfare Fund in Yuan.