this post was submitted on 07 Sep 2024
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  • Russia's yuan reserves are nearly depleted due to Chinese banks' fear of US sanctions.
  • Lenders have urged Russia's central bank to address the yuan deficit, causing the ruble to drop.
  • China's hesitance stems from US threats of secondary sanctions over Russia's Ukraine war financing.
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[–] [email protected] 11 points 3 months ago

It would be interesting to see the ruble collapse entirely. Crypto is already very popular in Russia, so the state could lose a tremendous amount of power/funding when they need it most.