Reported 8 months ago
Russian investors are frantically selling Renminbi due to concerns that it may be the next target of US sanctions, causing the Renminbi to depreciate against the Rouble, hitting a new low last week. The Russian Central Bank is reportedly forcing exporters to sell Renminbi to stabilize the Rouble exchange rate, coupled with foreign companies unwilling to use Renminbi for payment. The situation is exacerbated by the recent US sanctions on Russia, with fears of a similar fate for the Renminbi causing a massive sell-off.
Source: YAHOO