The Chinese currency now accounts for the largest share of forex trading, the regulator reports
The share of the Chinese yuan on Russia’s foreign exchange market hit an all-time high in March, the Bank of Russia (CBR) reported in its financial risk review on Monday.
Russia’s shift away from major Western currencies started with the US and EU sanctions imposed on the country over the Ukraine conflict. The financial restrictions made cross-border trade in euros and dollars more difficult and their presence on the domestic foreign exchange market less important.
The turnover of exchange-traded yuan amounted to 53% last month compared to 46.6% in February, according to the CBR. The share of renminbi in over-the-counter trading also posted a record high, reaching 39.6%.
Meanwhile, the share of Western currencies, including the US dollar and the euro, dropped to 46.4% on the exchange in March from 52.8% the previous month, data showed. In the over-the-counter segment, the share of the greenback and euro also continued to decline, decreasing to 54.7% from 59.8% in February......More Below
https://www.rt.com/business/595642-yuan-trading-russian-forex-market/
US Army Secretary Dan Driscoll is preparing to leave the Trump administration after what a new report has described as months of tension with Secretary of War Pete Hegseth, potentially triggering another change at the army’s top echelons.
According to the Friday report by The Wall Street Journal, Driscoll is expected to step down before the end of the year and could leave his post earlier. The newspaper cited people familiar with discussions over his departure.
The Journal reported that Driscoll and his family vacated the official residence assigned to the army secretary at Joint Base Myer-Henderson Hall this summer, a move that could indicate he was preparing to leave the position.
The reported departure would come at a time of continuing uncertainty at the top echelons of the army.
Hegseth abruptly removed Army Chief of Staff Gen. Randy George in April, while Trump has not yet nominated a permanent successo....more below
...
The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
