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Russia's Chinese Yuan Funding Lifeline Is Getting Too Expensive.
In: Bloomberg.com, 2024-03-05, S. 1
Online
serialPeriodical
Zugriff:
Yuan financing in Russia is becoming more expensive and scarce, making it difficult for companies to access foreign capital. This is particularly challenging for energy and mining companies that have relied on the yuan for their foreign currency needs. Insufficient yuan liquidity in Russia and demand from importers are contributing to higher borrowing costs. As a result, companies like MMC Norilsk Nickel PJSC are faced with choosing between expensive ruble funding or the rising cost of domestic yuan debt. The volume of Russian corporate yuan bonds has stalled, and the average yield on yuan securities has increased. The reluctance of major Chinese banks to link Moscow's yuan market with offshore markets is a key factor in the liquidity crunch. Russian lenders have had to turn to the central bank's Chinese currency swaps to meet their needs, resulting in a significant increase in yuan funding costs. Russian companies have also faced barriers in borrowing within China itself due to capital controls. The strain on Russian corporate coffers could deprive industries of capital at a time when refinancing needs are increasing. [Extracted from the article]
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Russia's Chinese Yuan Funding Lifeline Is Getting Too Expensive.
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Autor/in / Beteiligte Person: | News, Bloomberg |
Zeitschrift: | Bloomberg.com, 2024-03-05, S. 1 |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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