The Chinese yuan moved closer to the euro and the US dollar in terms of trading volume on the Moscow Stock Exchange. Its share of the total forex trading volume in July was almost 20%. In monetary terms, this is 890 billion rubles.
Comparative analyzes on forex trading with Kommersant were shared on the Moscow Stock Exchange.
According to the July results, the leader in the volume of currency trading on the site was the euro with a share of 25% or 1.1 trillion rubles. Compared to June, the volume fell by 4%. In second place is the US dollar with 2.4 trillion rubles and an increase of 14% per month. Yuan ranked third with a 20% share and 890 billion in monetary terms.
The trading volume with the US dollar and the euro on the stock market is declining due to the sanctions, the experts explained. Companies are interested in trading the Chinese yuan due to the risks involved in owning dollars and euros.
The volume of transactions in major currencies, including the US dollar, the euro, the yuan, the British pound, the Japanese yen and the Turkish lira, in July increased by 18% compared to June and amounted to 4.5 trillion rubles.
Author:
Kirill Bilyk
Source: RB
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