The Chinese yuan officially became russia's main foreign currency, replacing the dollar and the euro
Kyiv • UNN
The russian central bank has announced that the Chinese yuan will become the main foreign currency in russia, replacing the dollar and the euro, amid the expansion of US sanctions against moscow.
The yuan will become the main foreign currency of russia. This was announced on June 13 by the russian central bank, UNN reports.
Details
According to the central bank, the yuan has been the main currency traded on the russian stock exchange for two years now, and has reached a share of 54%. The report says that the yuan-ruble exchange rate will set the trajectory for all other currency pairs, including the euro and the dollar, and will become a benchmark for market participants.
At the same time, the range of data used to calculate the official ruble exchange rate will change. The exchange will also stop trading in instruments settled in US dollars and euros on the stock and money markets.
The statement was issued against the backdrop of a significant expansion of US sanctions against russia, and the inclusion of the moscow stock exchange on the sanctions list.
Recall
This year, the Chinese yuan replaced the US dollar as the most traded currency in russia. The yuan surpassed the dollar for the first time in terms of monthly trading volume in February, and the difference became more pronounced in March. Before the invasion, the volume of yuan trading on the russian market was negligible.
