Seeking Alpha

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 (5894) | 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 (2036) | 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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