Nearly 50 Russian banks now offer customers the option to save in Chinese yuan.
The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad.
Fewer Russians want to open local bank accounts in major Western currencies amid restrictions on what they can do with their money. Data from the Bank of Russia shows that about half of all foreign currency savings in Russian banks have been transferred to foreign bank accounts in 2022, and interest in new deposits has noticeably dropped, the daily IzvestiaA “massive decline” in demand for deposits in U.S.
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