Reported 11 months ago
As the conflict between the US and Russia escalates on June 23, 2024, experts believe that the Renminbi can benefit from it, strengthening its position. A recent study from the Carnegie Russia Eurasia Center in Berlin, Germany, suggests that US sanctions on Russia will enhance the Renminbi's role in Russian foreign trade, increasing its influence in international trade. Experts predict that the US and Europe's sanctions will solidify the Renminbi as the main currency for Russian trade and payments, as it becomes more difficult for Russia to obtain Western currencies.
Source: YAHOO