Russian companies look to trade in Asian currencies


Russian companies are looking to change their dollar-denominated contracts if necessary, to renminbi, Hong Kong dollars or Singapore dollars due to increasing western sanctions.

The move shows a Russian shift towards Aisa, as tension mounts between Russia, Europe, and the West.

Sanctions have led Russian companies to limit their dependence on the western financial markets, and increase the importance of bilateral trade with China.

There has been a marked reduction in lending activity from U.S. and European banks to Russia, since the annexation of Crimea in March.

ETFs: CYB, CNY, FXSG, FXCH

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Comments (2)
  • 6228371
    , contributor
    Comments (7980) | Send Message
     
    The sanctions seem to be hurting Europe and the US much more than they are hurting Russia.
    9 Jun 2014, 06:54 AM Reply Like
  • Sakelaris
    , contributor
    Comments (2649) | Send Message
     
    Pushing Russia and China together is the result of the foolish US adventurism into Ukraine. In a matter of months, the US has managed to throw away Richard Nixon's great diplomatic accomplishment of 1972.
    9 Jun 2014, 07:24 AM Reply Like
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