Why China opposes sanctions on Russia ?
China is at its wits end as a plethora of the US and the European Union-led sanctions on Russia has started bearing effect on the Chinese companies’ approach towards the Russian market.
Despite pressure from the Chinese authorities for staying the course Russian market, DiDiChuxing and Hong Kong-based Lenovo-both prominent Chinese companies have announced plans to cease their business in Russia, which has complained that sanctions have deprived it of the access to US $300 billion of its $640 billion in gold and foreign exchange reserves in the US.
Of this reserve, China’s Yuan forms a substantial foreign currency asset. Around 14 percent of Russia’s total foreign currency reserves---around $90 billion belongs to Chinese currency, Yuan, CNBC said in its recent report.
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