Converting foreign assets into Chinese yuan assets may be a short-term solution for Russian investors in the wake of Western sanctions against Moscow, according to experts.
The exclusion of major Russian banks from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, shuts them out from the U.S.-dominated international fund transfer system. Although this severely limits Moscow’s ability to engage in transactions, Russian investors could get around it in the short term by holding assets in the Chinese Yuan (RMB), Mike Sun, an investment specialist in North America, told The Epoch Times.
