Page 102 - RusRPTJul23

Since the start of the war in Ukraine Russia’s economy has seen a rapid yuanization of its financial system.
The rise in the popularity of the yuan reflects its growing prominence as a global currency and the increasing competition among banks to attract clients. Currently, the yuan stands as the primary alternative to the dollar and the euro. Pechatnikov noted that other soft currencies have yet to find their consumer base in Russia and remain niche offerings.
Looking ahead, Pechatnikov predicts that Russians' savings in yuan could potentially double again by the end of 2025, reaching CNY150bn ($21bn).
102 RUSSIA Country Report July 2023 www.intellinews.com