People walk past the Central Bank headquarters in Moscow on March 8. Russia’s central bank assets being held in foreign institutions are now frozen. Photo: Reuters
Opinion
Opinion
Macroscope
How sanctions on Russia could push countries to diversify foreign reserves, leading to increased yuan demand
- Western sanctions cutting Moscow off from its foreign reserves give China a greater incentive to move away from the US dollar and euro, and may push other countries to follow suit
- Beijing may also be tempted to buy discounted Russian commodities as prices surge elsewhere
People walk past the Central Bank headquarters in Moscow on March 8. Russia’s central bank assets being held in foreign institutions are now frozen. Photo: Reuters
