The shift of the Russian people from the dollar and the euro / the opening of bank accounts to the yuan in Russia increased

Due to Western sanctions against Russia, the people of this country are also turning away from the dollar and the euro in favor of the Chinese yuan. The results of a poll show that the number of Chinese yuan accounts opened in Russian banks has risen sharply over the past month.

According to the economic newspaper Kommersant, Russian citizens are actively converting their foreign currencies into Chinese yuan, and there is a significant increase in the number of bank accounts opened in foreign currency; At Tinkoff Bank, for example, the number of accounts based on the Chinese yuan has increased eightfold.

MTS Bank of Russia says the number of bank accounts in yuan in this bank has quadrupled. A similar thing happened at the Ural Bank, where the number of yuan accounts tripled at the Bank of St. Petersburg.

Tinkoff Bank also reported that many wholesale companies were moving to close their contracts with the Chinese yuan, despite the fact that the basis of these companies’ transactions had previously been the dollar.

According to the Russian bank, the share of the yuan, which was previously 15 to 25 percent in commercial transactions, has increased to 25 to 30 percent.

The volume of exchanges in the Moscow foreign exchange market in yuan has also increased significantly, Although The share of the dollar and the euro is still higher, while in February this year the exchange rate in yuan reached a maximum of $ 37 million per day, but over the past week this figure has reached $ 230 million per day.

Experts say Russian companies and citizens have turned to the Chinese yuan to avoid and circumvent sanctions, which have limited Russia’s access to the dollar and the euro. Unlike Western countries, not only has China not imposed sanctions on Russia, but it has also given free access to the Chinese yuan.

end of Message