Russia's central bank and sovereign wealth fund may account for nearly a quarter of foreign holdings of Chinese bonds, analysts at ANZ Research calculated, potentially offering shelter from Western sanctions imposed over Moscow's invasion of Ukraine.
Russia's financial markets have been thrown into turmoil by sanctions imposed over the invasion, the biggest attack on a European state since World War Two.
Foreign holdings of bonds on China's interbank bond market totalled 4.07 trillion yuan at the end of January, the latest month for which data is available."We are watching if Russia will liquidate the assets if cash is needed to meet other payment obligations," ANZ said. But while Russia could potentially make use of yuan assets and China's Cross Border Interbank Payment System to counter the impact of Western sanctions, including bans on some Russian banks from the SWIFT global financial messaging system, the crisis is unlikely to significantly boost use of the yuan, they said.
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