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China and Russia to edge closer to reducing US dollar reliance with Moscow set to launch first yuan bond
Moves by China and Russia to reduce reliance on the US dollar are set to continue at the end this year or early next year with the Ministry of Finance in Moscow likely to launch its first yuan-denominated bond. Moscow is hoping a yuan bond will lift interest by Chinese investors in Russian assets and it would also help to create benchmarks for the setting up of hedging options for roubles and yuan, sidestepping the use of the US dollar. “Currently, several banks led by Gazprombank and [China International Capital Corporation] are making efforts to realise this first yuan bond, [but] there are still some technical ... (full story)
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