Renmimbi is a profitable alternative to the dollar – ING USDCNY RussianFederation Banks China
“Focus on Russia's ability to defend the rouble will turn to China, given that Russia has 13% of its FX reserves in the renminbi – does the CBR sell those if they are still available? There will also be a focus on whether Russia tries to secure FX swap lines with China although it remains very unclear that China would want to participate in such a venture given the risk of secondary sanctions.
“For now, we continue to favour the renminbi as an alternative to the dollar and should focus return to macro, China's Two Sessions meeting laterInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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