The Russians bought a record Chinese yuan. In August, 39 billion rubles worth of Chinese currency was sold on the foreign exchange market. The yuan’s share of forex trading has been growing in recent months and has already reached 26%.
Banks are showing the most interest in the Chinese currency, the Bank of Russia said in a September review. In general, a wide range of market participants are interested in buying the yuan, the regulator said.
The yuan’s share is growing in both the foreign exchange and over-the-counter markets. If in April the share of the Chinese currency in trading on the stock exchange was 6%, then in August it reached 26%, or 39 billion rubles. In over-the-counter trading, the yuan’s share was 4% in April and 17% in August.
The Bank of Russia noted that the growth in the volume of trade in the currencies of “friendly” countries is a “positive trend” in the current environment. Participants in the economy seek to reduce sanctions risks and reorient towards “friendly” counterparties.
Author:
Kirill Bilyk
Source: RB
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