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Russia's top banks have started lending out yuan and transferring China's currency outside the SWIFT system
From markets.businessinsider.com
Russia's top banks have deepened their ties to China's currency and financial system as Western sanctions keep Moscow shut out from global networks. Sberbank said Tuesday it has started lending out money in yuan as it looks to replace dollar and euro transactions. "I don't think Russia will return to such a situation of the dollar's influence on the domestic economy," Sberbank CEO German Gref said at Russia's Eastern Economic Forum in Vladivostok, according to Reuters. VTB also said Tuesday that it is the first Russian bank to launch money transfers to China via the yuan outside the SWIFT messaging network, which is ... (full story)