Russia is considering a plan to buy $70 billion in yuan and other " This is reported by Bloomberg, citing informed sources who spoke on condition of anonymity..

This plan was supported at a special " The meeting was held on August 30.

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The proposal marks a move away from more than a decade of economic policies built on savings in dollars and euros as the Kremlin rethinks its strategy amid sweeping Western sanctions over its invasion of Ukraine..

Offshore yuan briefly extended gains against dollar after news, climbing to session high. Turkish lira up 1% on this news before trading in Istanbul almost flat. The Indian rupee also rose briefly.

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Recall, as Bloomberg reported in May, capital controls imposed by the Russian Federation have artificially turned the ruble into the “most efficient currency in the world”, although not many can profit from the rally..