China’s involvement in the Russian banking sector has quadrupled since the start of the special operation. The Financial Times calculated that during this period four Chinese banks increased their assets in the country from $2.2 billion to $9.7 billion, whose business is to substitute the yuan for the US dollar and the euro.
Chinese banks have quadrupled their assets in Russia since the start of the special operation in Ukraine. This is reported by the Financial Times.
The newspaper provides data for 14 months, from February 2022 to March 2023. During this period, four Chinese banks – the Industrial and Commercial Bank of China (ICBC), the Bank of China, the China Construction Bank and the Bank China Agricultural – increased its assets in Russia from $2.2 billion to $9.7 billion. 8,000 million of them are in the hands of the Bank of China and the ICBC.
The total proportion of assets in Russian banks owned by foreign creditors during the indicated period fell from 6.2% to 4.9%, the newspaper notes.
The Financial Times links the growth of the assets of Chinese banks in the Russian banking sector with the active process of substitution of the yuan for the US dollar and the euro.
Author:
Kirill Bilyk
Source: RB
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