However, like Argentina and Pakistan, this agreement could have been a targeted security measure. Russia has resorted to the BSA because Western sanctions have led to a significant fall in the ruble. In the Chinese BSA chain, Russia was able to undermine the sanctions imposed by the United States, because the sanctions largely target transactions that use the USD – if Russian transactions were made in another currency, they could circumvent all restrictions. Therefore, the alleged increase in Chinese and Russian trade was motivated by Russia`s intention to adopt a strategy of „de-endarization“ or to avoid US sanctions, instead of giving reasons regarding the value of the RMB as an international currency. According to the People`s Bank of China (PBoC), the step towards the extension of the monetary swap agreement with Europe by the ECB will provide liquidity support for the development of the renminbi market in Europe. The aim is to improve the promotion of the renminbi for global use. Since 2009, China has signed bilateral currency exchange agreements with 32 counterparties. The stated intention of these swaps is to support trade and investment and to promote the international use of the renminbi. In another case of use of the BSA, Russia put its swap agreement online between October 2015 and March 2016. In a press release from the Central Bank of Russia, it was not said that the funds had been allocated to a limited number of Russian and Chinese partners with the aim of „supporting bilateral trade and direct investment between the two countries“.
As such, trade experts have suggested that the RMB has finally made its way to Russian companies and that the funds have been used in trade with China, leading to tighter regulation between the two countries. Since 2009, China has signed monetary swap agreements with many countries and regions such as Argentina, Belarus, Brazil, Canada, the ECB, Hong Kong, Iceland, Indonesia, Malaysia, Singapore, South Korea, Thailand, the United Kingdom, Uzbekistan and Tajikistan.     Renminbi deposits in HK have gradually increased from $12 billion in 2004 to $59 billion in 2009.  At first, the ECB declared its readiness to make available to Hungary, Latvia and Poland only through pension transactions, euro notes held as collateral instead of the currency, but eventually extended a normal trading line to Hungary. Switzerland has also made Swiss francs available to Poland and Hungary for euros. Many households in Poland and Hungary had taken out foreign-currency-denominated mortgages as a result of lower interest rates. The demand for Swiss francs and euros from the Hungarian and Polish banks that provided the loans increased the cost of credit in these currencies; Swap lines were supposed to ease the upward pressure on euro and franc interest rates.