Business Insider By Phil Rosen, Business Insider US
Russian banks are reportedly seeing sharp increases in the Chinese yuan in their clients’ accounts as Western sanctions limit access to the dollar and euro.
According to a March survey conducted by Russian financial daily Kommersant, large banks have seen a spike in funds being converted from dollars and euros into yuan. New accounts are also being opened with yuan.
In Tinkoff Bank, the volume of account funds in yuan has gone up eight fold. MTS Bank saw a four-fold jump, and the Bank Saint Petersburg’s increased by 3.5 times.
“Under the conditions of restrictions, many companies see settlements in yuan as more stable and predictable,” MTS Bank told Kommersant. Another Russian bank noted that many companies involved in wholesale trade are switching to settlements in yuan…
