Russia's Chinese Yuan Funding Lifeline Is Getting Too Expensive [Yahoo! Finance]
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Source: Yahoo! Finance
Most Read from Bloomberg America Blew Almost $2 Trillion. Make It Stop. Supreme Court Rules Trump Can Appear on Presidential Ballots Wall Street's DEI Retreat Has Officially Begun China Scraps Premier Li's Briefing, Breaking Years of Convention Chicago to Go Ahead With Plan to Revamp Empty Downtown Towers Two years after the invasion of Ukraine isolated Russia from the Western financial system, major energy and mining companies have come to rely on the yuan for most of their foreign-currency needs. But even as yields on China's benchmark government bonds hover around a two-decade low, insufficient yuan liquidity in Russia and demand for the currency from importers are contributing to higher borrowing expenses. The funding dilemma leaves companies like Russia's biggest miner, MMC Norilsk Nickel PJSC, choosing between expensive ruble funding or the rising cost of domestic yuan debt. Russia more than doubled its benchmark last year, saddling corporate borrowers with as m
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