Sharing is Caring!
(Business Insider) Trading of China’s yuan and Russia’s ruble has soared more than 1,000% since the war in Ukraine began, according to data reported by Bloomberg, as the two countries strengthen ties.
Monthly yuan-ruble volumes have risen 1,067% to just under $4 billion since Russia invaded Ukraine in late February, Bloomberg said Tuesday.
The two countries have sought to strengthen ties this year, announcing a “no limits” friendship directly aimed at countering the influence of the US over the global economy.
See also EU Commission set to allow the purchase of natural gas from Russia under the Moscow payment scheme, satisfying Putin’s demands.
Since the US has slapped tough sanctions on Russia, both sides have looked to pull closer together economically.
markets.businessinsider.com/news/currencies/yuan-ruble-trading-surges-china-russia-ukraine-us-dollar-2022-5
Help Support Independent Media, Please
See also China’s industrial output fell 2.9%, while retail sales fell 11.1%
Views: 6