Russian banks say they've run out of yuan as Chinese firms pull away from the nation
Russian banks say they've run out of yuan as Chinese firms pull away from the nation
markets.businessinsider.com
Russian banks say they've run out of yuan as Chinese firms pull away from the nation
- 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.
Sanctions work.
This is what frustrates me so much about people in the US arguing against supporting Ukraine. At the end of the day, while China might be willing to help Russia, the US is by far it's largest customer. Add to that China's own economy is contracting, and supporting Ukraine against Putin, along with the severe sanctions that have been in place, is the smartest most cost effective way of hopefully removing him from power. I have a co-worker who got out of Russia a little over a year ago, and he said it was pretty bad before he and his family left. Unfortunately, it's a slow process because the goal is to get the Russian people to oust him. We all know that's not going to happen at the ballot box, so all that's left is the people overthrowing their leaders. Things have to get pretty dire before a population like Russia's gets to that tipping point.
This is a marathon. The main thing is keeping Ukraine strong and able to defend itself. I'm really liking the offensives into Russian territory they've been carrying out. I just want them to remember a defensive position is easier to maintain/win than an offensive one. In other words, don't try to go to far into Russia. Way way too many great generals have made that mistake!
That's true and there's also more to it.
The US is China's largest single trading partner but China has many many trading partners.
May nations now trade or at least negotiate in blocks. Both ASEAN and the UE, as blocks, do more trade with China than the US does. When it comes to individual nations the US isn't as far ahead as it might seem. Russia, Vietnam and Taiwan together trade more with China than the US does, despite having a combined GDP that's a tiny fraction of the US.
The key issue is that China has been working really hard to make itself less dependent on the US. They still have a way to go but they're much less vulnerable than they were a few years ago.
Not fast enough. I agree they work, but often times it hurts all the people, and the ones that have "say" often are slow to help their fellow people.
Hence, the point of sanctions.
You can't avoid that in a dictatorship or oligarchy. You freeze all of their money? They will just steal more from the population.
Like a constrictor, squeezing everywhere, untill you can't breathe.
Cuba is stubborn and resource efficient, Venezuela is decently resource rich and the sanctions are relatively new, Iran still has some trade partners and is decently rich in resources, North Korea is propped up by China and is kind of an anomaly. Sanctions are rather long term and take certain conditions to work properly, Russia fits those conditions despite them theoretically being resistant to sanctions.