Bank of Russia Calls for Yuan Loan Restraint as Lenders Highlight Deficit
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Russia’s central bank called for restraint in issuing corporate loans denominated in yuan after the country’s two biggest lenders urged action to alleviate a deficit of the Chinese currency.
The banking sector should limit lending growth in foreign currency to stabilize the situation given that sanctions are in place, the Bank of Russia said in a report Friday. Since late 2023 banks have been increasing corporate lending in yuan, reducing their liquid assets in the currency, it said.