The dependence on the yuan is backfiring for Russia as top banks run out of Chinese currency, impacting international liquidity and corporate loans.
Chinese banks are reluctant to transfer yuan to Russia, leaving transactions in limbo due to potential secondary sanctions from the U.S. on Chinese firms.
Russian companies are increasingly reliant on the central bank for yuan via currency swaps, highlighting the growing financial strain and liquidity issues faced by banks.
The Bank of Russia has called for a reduction in yuan-denominated corporate loans, indicating a shift in strategy as liquidity challenges mount.
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