ICYMI, Reuters with the info overnight citing two anonymous sources.
- Russia stopped intervening on the FX market in February due to restrictions imposed on its use of foreign exchange reserves after it sent tens of thousands of troops into Ukraine.
- Interventions will resume next year in yuan, the two sources told Reuters, provided that revenues from oil and gas exports exceed 8 trillion roubles as set out in budget plans.
- "The central bank can currently now buy yuan," a banking source close to monetary authorities told Reuters. But the bank would not do so while the government continued, as now, to spend its oil and gas revenues.
This is part of Russia's de-dollarisation drive. A goal shared by key ally China.
There is more here at the link if you are interested.
