https://www.foxbusiness.com/economy/china-restrict-financing-russia-ukraina-invasion.amp Looks like Chinese have a mind of their own. Caught Pootin with his pants down! Russia might have a serious cash crunch coming up!
Wow....yep, if Chinos quit dealing....could be problems. Vladivostok,Khabarovsk, is looking much tastier for the Chinos?)
Oh snap! If China has finally caught on to what a total PR and economic disaster continued support for Putler's neo-fascist invasion of Ukraine is, it's game over. China was Putler's only potential backer of any significance.
So China stopped issuing dollar-denomimated letters of credit. Instead, they're issuing yuan-denominated ones. ~~~~~~~~~~~~~~ Offshore units of Industrial & Commercial Bank of China have stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, while the Bank of China has also limited funding, according to Bloomberg News, citing people familiar with the matter. Yuan-denominated letters of credit are still available for some clients ~~~~~~~~~~~~~~~ Geez, don't you guys have any reading comprehension ability at all? Both China and Russia are actively de-dollarizing.
Your addition, makes the story far more understandable: China was not taking a moral stand; not even just switching the direction it's peeing, midstream, because of a shift on the wind. And they weren't boldly double-crossing Russia, to weaken one they view as a rival (even though they do that sort of thing with the U.S.; but one can get away with a lot more against a Representational government of many members, than against an autocrat). China was doing something well within it's wheelhouse: getting a Public Relations boost, with no cost, to themselves, since the U.S., just today, added a new sanction that would have barred China from giving Russia dollars, anyway.
Sorry, I do not believe squat coming from the CCP. Just like I do not believe any of their climate change commitments. This is just verbiage to make them look good to the world.
you can't barr from someone who already have the $$$ in their bank. i think most likely russia can't spend those dollar anyway, so they probably just trade in yuan.
