The Chinese yuan has surpassed the US dollar in monthly trading volume on the Moscow Stock Exchange. In March, the ratio went from $2 trillion to $1.7 trillion, the yuan was more in demand among traders for the second month in a row.
The Chinese yuan has replaced the US dollar as the most traded currency in Russia. Bloomberg reports it.
The trading volume of the US dollar on the Moscow Stock Exchange in March amounted to 1.7 trillion dollars, while market participants traded the Chinese yuan for 2 trillion dollars. Despite the sanctions, the dollar remains one of the most searched currencies on the site, Bloomberg notes.
For the first time, the yuan surpassed the US dollar in daily trading volume on the Moscow Stock Exchange in October 2022 and in February 2023, in terms of monthly trading volume.
Previously, SWIFT reported that Russia in July 2022 became the world’s third largest country in terms of yuan payments outside of China.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
