yuan note

Yuan deposits replace dollar and euro in Russian banks

With Russia now officially departing from both the US dollar and the euro, the state-owned VTB Bank has offered its clientele the opportunity to start Chinese yuan savings accounts that yield a maximum interest rate of 8%.

The country’s second-biggest bank has been hit by the Western sanctions aimed at the total financial isolation of Russia over its special operation in Ukraine.

“In light of the rising dollar and euro exchange rates, many clients are showing interest in investing in other currencies, and the yuan is among most affordable and promising options for investing funds,” the bank said in a statement.






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