this post was submitted on 07 Sep 2024
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  • Russia's yuan reserves are nearly depleted due to Chinese banks' fear of US sanctions.
  • Lenders have urged Russia's central bank to address the yuan deficit, causing the ruble to drop.
  • China's hesitance stems from US threats of secondary sanctions over Russia's Ukraine war financing.
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[–] [email protected] 15 points 1 month ago (3 children)

what happens when they run out? do they have to start buying more yans from somewhere else?

[–] [email protected] 26 points 1 month ago (1 children)

Buy them with what? No one want their rubles 😁and they haven't enough "stuff" to sell lol.

[–] [email protected] 10 points 1 month ago (1 children)

India only cares about India, so maybe they can seek them more LNG or oil. Maybe Rupies are the new Yuan lol

[–] [email protected] 2 points 1 month ago

yes india is set to take them for all the oil they can, at extremely reduced prices, which isn't good for russia, but great for india.

[–] [email protected] 7 points 1 month ago (2 children)

When they run out then they can't purchase goods from China.

[–] [email protected] 3 points 1 month ago (1 children)

Well, they can, but the cost will get more volatile... super oversimplified, it's the difference between drinking at home booze you bought at wholesale prices and keeping a running tab with a local bar/pub. You'll be subject to the bar and any price changes they (read: the currency markets) want to make.

[–] [email protected] 1 points 1 month ago

Theres no such thing as bartering between nations, in order to buy from them requires first selling something or having a creditor.

I'm assuming they have nothing more to sell so they'll just lose important wartime supplies and general goods access.

[–] [email protected] 1 points 1 month ago (1 children)

but if they run out before they have paid off the money, dont they have to give it back in some way? At least this sounds like it should have more serious consequences than that.

[–] [email protected] 2 points 1 month ago* (last edited 1 month ago)

Its very serious to lose important wartime supplies access. I imagine the general populous isn't happy either, with goods becoming more restricted than even the USSR.

[–] [email protected] 2 points 1 month ago

They start using other currencies they have. At some point it will be rubbles. But first it will be currencies their population has.