But economist Cesar Aristimuno said the yuan figure had little meaning beyond reference value, "because at the end of the day, the market continues to be quoted in dollars." Washington's tough new sanctions on Caracas bar US banks from trading in new bonds issued by the government or the state run oil company PDVSA. The goal is to restrict Venezuela's access to vital bond and equity markets.
The aim is to "deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule," the White House said. Maduro railed that they amounted to a financial and economic blockade, as ratings agency Fitch downgraded Venezuela and warned default was now likelier. The country has to make $3.8 billion in debt payments in October and November, while its foreign currency reserves have sunk under $10 billion.
Copyright Agence France-Presse, 2017