Russia Embraces Yuan as West's Squeeze Boosts China's Sway

Russia's central bank says the Chinese yuan is its best option for reserves due to the West's tightening sanctions and lack of good alternatives
The bank cites the yuan's growing international role and liquidity as reasons for its increased use
Russia's increasing isolation from the global financial system is forcing greater reliance on the yuan
Countries globally are spooked by the West's use of the dollar system against Russia, driving some to diversify into the yuan
However, reliance on the yuan carries risks - some Russian companies are facing spiking borrowing costs for yuan-denominated bonds