On September 3, the ruble began to weaken against the yuan on the market after a positive start. The Chinese currency updated its two-week high of 12.23 rubles, Dmitry Babin, an expert on the stock market at BCS World of Investments, told RB.RU.
Author:
https://rb.ru/author/ntihonov/
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However, the yuan was unable to reach the three-month high it reached in late August, he said. Moreover, during trading, the ruble was able to recover more than half of the daily losses against the yuan, which amounted to more than 1%.
“The growth of the yuan against the ruble is just a narrowing of the huge price gap between the Chinese currency and others. It was formed on the Moscow Stock Exchange due to sanctions imposed by the United States. On the interbank and world markets, the yuan is much more expensive than on the Russian exchange. Therefore, futures on other ruble currency pairs continue to actively fall,” says Dmitry Babin.
He explains that such a situation will probably lead to an increase in the official exchange rate of the ruble in relation to other currencies, except for the Chinese one.
The expert’s words were confirmed by the official exchange rates on September 4. The euro now costs 97.81 rubles (-1.45 rubles), the dollar became cheaper by 1.39 rubles and fell to 88.61 rubles. The day before, the Bank of Russia also significantly reduced its exchange rate – 1.50 and 1.19 rubles, respectively. Over these days, the yuan has risen in price by 4-6 kopecks – now it is fixed at 12.11 rubles.
The Russian debt market initially fell on September 4, the RGBI government bond index even rewrote the lowest since March 2023, but then almost regained its lost positions.
“The indicator has recovered more than half of its daily losses. It is true that so far this rally is not going beyond the next wave of decline that began in mid-August,” Babin added.
Starting from June 13, the Bank of Russia has been setting the official dollar and euro exchange rates based on banks’ reports on transactions in the over-the-counter foreign exchange market. This happened immediately after the US Treasury imposed sanctions on the Moscow Exchange and its member group, the National Clearing Center.
Author:
Nikolai Tikhonov
Source: RB
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