Russian banks say clients are opening more accounts in Chinese yuan instead of other currencies, Kommersant reported Friday. One bank saw an eight-fold surge in the volume of funds on accounts in yuan, and another saw a four-fold jump. Russian banks are reportedly seeing sharp increases in the Chinese yuan in their clients' accounts as Western sanctions limit access to the dollar and euro., large banks have seen a spike in funds being converted from dollars and euros into yuan.
In Tinkoff Bank, the volume of account funds in yuan has gone up eight fold. MTS Bank saw a four-fold jump, and the Bank Saint Petersburg's increased by 3.5 times. "Under the conditions of restrictions, many companies see settlements in yuan as more stable and predictable," MTS Bank told Kommersant. Another Russian bank noted that many companies involved in wholesale trade are switching to settlements in yuan.
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