Russia’s Finance Ministry started market transactions in yuan instead of US dollar as early as 2022, Izvestia newspaper reported, citing Russian experts. In addition, about 60 per cent of the Russian state welfare fund is stored in renminbi to avoid the risk of Russian assets being frozen as a result of sanctions against Russia.
On April 6, 2023, the RMB turnover on the Moscow Exchange was 106.01 billion rubles, the USD turnover was 95.24 billion rubles and the euro turnover was 42.97 billion rubles.
Archom Tuzov, head of the corporate finance department at IVA Partners, a Russian investment firm, said: “Renminbi transactions do exceed dollar transactions. “By the end of 2023, the volume of RMB transactions is likely to exceed that of the dollar and euro combined.”
Russian experts say Russians, already accustomed to diversifying their savings, will adapt to the financial adjustment and convert some of their money into yuan and other currencies friendly to Russia.
The yuan became Russia’s most traded currency in February, with more than 1.48 trillion rubles worth, a third more than in January, according to Moscow exchange data, Kommersant reported.
The renminbi accounts for nearly 40 per cent of the total trading volume of major currencies; The dollar accounts for about 38 percent; The euro accounts for about 21.2 percent.
Post time: Apr-12-2023