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China can support Russia through a swap agreement

The Chinese edition of The South China Morning Post reports: export calculations in rubles and yuan between Russia and China can be an ideal tool for maintaining the liquidity of the Russian currency.

If the ruble continues to fall, Russia can turn to an agreement on a swap in national currencies with China at 150 billion yuan. According to The South China Morning Post, China in such a situation will be forced to support the currency of another country with the help of its own.

Recall that in October, the People's Bank of China and the Bank of Russia signed an agreement on currency swaps. This agreement, assumes the opportunity to bypass the dollar to pay for exports in rubles and yuan. In total, China has concluded arrangements for currency swaps with 20 states.

"Russia needs support for the liquidity of its currency, and a swap line can be an ideal tool for this," - said the chief economist of the China Bank of Communications Lian Ping.

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