Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The «daughter» of Bank of China suspended operations with Russian banks


June, 24 2024
watermark Economic news

Today, the yuan on the Moscow Stock Exchange fell by 1.2% after the announcement of the Russian branch of Bank of China to suspend operations with sub-sanctioned companies. If other Chinese banks follow his example, it may lead to the cessation of exchange trading in the yuan.


Starting June 24, 2024, Bank of China stops processing payments in yuan from Russian banks located on the SDN List of the United States. However, the bank will continue to work with non-sanctioned credit institutions. The organization's website states that it specializes in money transfers to China using nostro accounts in the divisions of Bank of China in China.


The decision to suspend operations was caused by the bank's fears of falling under US sanctions. 


For the Russian market, this step will lead to additional costs both in terms of time and cost of payment processing. The business of the Bank of China subsidiary is largely focused on payments in yuan between Russia and China.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.