While the yuan has replaced the U.S. dollar as Russia’s preferred currency for international settlements, it is far from ready to actually fulfill this role.
Russian Campaign To Replace USD Currency Reserves With Chinese Yuan Not Working Out So Well.
Image by EIdkfjcls Russia plans to offer 5 year sovereign bonds denominated in Chinese Yuan, nicknamed Dim Sum bonds, to offshore investors as well as mainland Chinese buyers. The Russian Central Bank has hired several banks to manage the offering as possible new sanctions could be passed through the U.S….