Bloomberg: Yuan trading on Russia's foreign exchange market hits record high
Kyiv • UNN
In March 2023, RMB trading on the Russian foreign exchange market reached a record high of 53%, illustrating the growing importance of the Chinese currency in the Russian economy as it is disconnected from Western financial systems due to sanctions imposed over the war in Ukraine.
Trade in Chinese yuan on the Russian currency market has risen to a record level as the share of euros and dollars has fallen, Bloomberg reported on April 8, citing data from the Central Bank of Russia, UNN reports .
Details
It is noted that these data were another illustration of the growing importance of the yuan in the Russian economy against the backdrop of increasing separation from Western financial systems.
RMB trade turnover in March accounted for 53% of the total foreign exchange volume, compared to only 3% in March 2022.
Russia is trying to reduce the use of dollars and euros in its economy, calling these currencies "toxic.
Russian Central Bank Governor Elvira Nabiullina said that over the past year, "the share of the dollar and the euro has almost halved.
At the same time, Western sanctions have also affected Russia's ability to make payments in yuan.
Russian state media outlet Izvestia reported in March that several Chinese banks had stopped accepting payments from Russia in yuan, fearing the effects of US sanctions.
Bloomberg emphasizes that China has maintained close ties with Russia during its full-scale war against Ukraine, strengthening economic cooperation and thwarting Western attempts to isolate Russia.
