Russia plans to boost yuan sales by 17% to support the rouble

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Russia plans to boost yuan sales by 17% to support the rouble

//business-finance.news-articles.net/content/202 .. oost-yuan-sales-by-17-to-support-the-rouble.html

Published in Business and Finance on Wednesday, February 5th 2025 at 9:00 GMT by Reuters

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

Russia said on Wednesday it would boost its sales of Chinese yuan by 17% from Feb. 7 in a move seen as aimed at supporting the rouble in the face of increased volatility due to Western sanctions and turbulence in the global forex market.

2025-02-05 210 x 110 / 6300 Bytes

Russia plans to increase its sales of Chinese yuan in the domestic market by 17% in 2025 to support the rouble, according to a draft finance ministry document. This strategy aims to stabilize the rouble, which has been under pressure due to Western sanctions and a drop in export revenues. The document outlines that the finance ministry will sell 150 billion roubles ($1.67 billion) worth of yuan in 2025, up from 128 billion roubles in 2024. This move is part of a broader effort to diversify away from the dollar and euro, currencies that have become less accessible due to sanctions. The increased yuan sales are expected to help manage the rouble's volatility and provide liquidity in the foreign exchange market.

Read the Full Reuters Article at:
[ https://www.reuters.com/markets/russia-plans-boost-yuan-sales-by-17-support-rouble-2025-02-05/ ]