China took $100 billion of Russian reserves hostage
Having invested 17% of foreign exchange reserves in the yuan, the Russian authorities found that it was simply impossible to withdraw funds from Chinese assets. The sale of the yuan, in which more than $100 billion in reserves had been invested as of January 1, requires a separate agreement with China. This is stated in the presentation of the Central Bank of the Russian Federation, prepared for a meeting with members of the government on…
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