Distinction in travel journalism
Is independent travel journalism important to you?
Click here to keep it independent

9 Jul, 2014

Russian companies ‘de-dollarize’, switch to yuan, other Asian currencies — RT Business

Russia will start settling more contracts in Asian currencies, especially the yuan, in order to lessen its dependence on the dollar market, and because of Western-led sanctions that could freeze funds at any moment.

“Over the last few weeks there has been a significant interest in the market from large Russian corporations to start using various products in renminbi and other Asian currencies, and to set up accounts in Asian locations,” Pavel Teplukhin, head of Deutsche Bank in Russia, told the Financial Times, which was published in an article on Sunday.

Diversifying trade accounts from dollars to the Chinese yuan and other Asian currencies such as the Hong Kong dollar and Singapore dollar has been a part of Russia’s pivot towards Asian as tension with Europe and the US remain strained over Russia’s action in Ukraine.

Read the rest: Russian companies ‘de-dollarize’ and switch to yuan, other Asian currencies — RT Business.