Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with Chinese firms pulling back amid fear of sanctions.
  • Russia’s yuan reserves are nearly depleted due to Chinese banks’ fear of US sanctions.
  • Lenders have urged Russia’s central bank to address the yuan deficit, causing the ruble to drop.
  • China’s hesitance stems from US threats of secondary sanctions over Russia’s Ukraine war financing.
  • sartalon@lemmy.worldEnglish
    771·
    2 months ago

    Hot take:

    China has lost all faith in Russia. Is reorganizing to reflect that.

    And maybe is even considering Taiwan’s advice, lol.

    • RestrictedAccount@lemmy.worldEnglish
      246·
      2 months ago

      Hotter take:

      China is on the brink of financial collapse and no longer can afford to support Russia’s bullshit.