Currencies
Bank of Russia Sees No Alternative to Yuan for Its Reserves
The headquarters of Bank Rossii, Russia's central bank, in Moscow.
Source: Bloomberg
This article is for subscribers only.
Russia’s central bank said it has no better options than the Chinese yuan for its reserves after two years of the Kremlin’s war on Ukraine and the subsequent seizure of its international assets.
There are limited alternatives to China’s currency for use as reserves because the financial instruments of nations that are friendly to Russia carry too many risks, the central bank wrote in its annual report released Friday.