 "Yuan")
Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment.
The yuan briefly extended gains against the dollar after the news, rallying to a session high. The lira rose as much as 0.2% on the news and was trading 0.1% higher at 18.1754 per dollar as of 11:36 a.m. in Istanbul. India’s rupee also gained.
The proposal is among a slew of measures that would amount to an
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