Regulator calls companies’, citizens’ savings main source of Russian banks’ yuan assets
Business & Economy
May 24, 16:30
"Domestic savings of Russian companies and citizens may be the main source of funding of yuan assets of Russian banks," according to the review
MOSCOW, May 24. /TASS/. Domestic savings of Russian companies and citizens may be the main source of funding of Russian banks’ yuan assets, the Central Bank said in a review on financial stability.
"Due to exchange restrictions in China and the risks of secondary sanctions the banks of Mainland China cannot fulfill the functions of providers of yuan liquidity. Domestic savings of Russian companies and citizens may be the main source of funding of yuan assets of Russian banks," according to the review.
"Overall amid the current geopolitical conditions the level of foreign currency predominance in the Russian banking sector will most likely decrease," the regulator noted.