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India To Discourage Foreign Trade Settlement in Chinese Yuan – Sources

by Cobus van Staden
Johannes EISELE / AFP

India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbor.

India, which has emerged as a top buyer of Russian oil as well as discounted coal, would prefer the use of United Arab Emirates dirhams to settle trade, three government officials said. (REUTERS)

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