The Russian authorities consider the purchase of $ 70 billion in the yuan and other “friendly” currencies to slow down the growth of the ruble, writes Bloomberg.
This plan was approved by the head of the Central Bank of Russia Elvira Nabiullina. If purchases are made, then Russia will move on to a longer strategy for selling assets in the Chinese currency to finance investments.
Experts claim that the plan carries certain risks. For example, the sale of assets in the yuan “requires a separate agreement with China, which will be very difficult to achieve in a crisis.” Other currencies, such as the Dirham of the UAE, are subject to “high political risks”, and the Turkish lyre is faced with serious risks of devaluation.