A Chinese banking exec in Beijing told me it’s “totally unrealistic” to expect China to help Russia evade financial sanctions simply bc its commercial ties with US/Europe are way bigger. “If China does this, the RMB internationalization will also only go backwards dramatically.”
Russian banks that have been cut off from global payments networks are turning to China’s state-owned UnionPay system as the country tries to sidestep boycotts by Western businesses for its invasion of Ukraine.
on.wsj.com/3sKjc9y
