• Russia’s yuan reserves are nearly depleted due to Chinese banks’ fear of US sanctions.
  • Lenders have urged Russia’s central bank to address the yuan deficit, causing the ruble to drop.
  • China’s hesitance stems from US threats of secondary sanctions over Russia’s Ukraine war financing.
  • sartalon@lemmy.world
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    2 months ago

    Hot take:

    China has lost all faith in Russia. Is reorganizing to reflect that.

    And maybe is even considering Taiwan’s advice, lol.