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Does Russia have a currency swap deal with China?

Moscow has used bilateral swap lines with the Chinese Central Bank to build up its yuan reserves. In 2014, Russia made a three-year currency swap deal worth 150 billion yuan and renewed it for another three years in 2017. In January, the Russian and Chinese central banks agreed to set up a new yuan currency swap instrument.

Is Russia launching a new currency?

Last month, in New Delhi, Alexander Babakov, deputy chairman of Russia’s State Duma, said that Russia is now spearheading the development of a new currency. It is to be used for cross-border trade by the BRICS nations: Brazil, Russia, India, China, and South Africa. Weeks later, in Beijing, Brazil’s president, Luiz Inàcio Lula da Silva, chimed in.

Will Russia & China develop a new currency with other BRICS countries?

Russia and China are developing a new reserve currency with other BRICS countries, President Vladimir Putin said. The basket currency would rival a US-dominated IMF alternative and let Russia widen its influence, an analyst said. The dollar's dominance is already eroding as central banks diversify into the Chinese yuan and smaller currencies.

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