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Yuan Beats Dollar On Moscow Exchange

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Yuan-ruble trading has outpaced the dollar-ruble pairing for the first time, according to Moscow Exchange data on Thursday, Russian media house RT said in a report.

The trade amount in the yuan-ruble pairing reached 45.37 billion rubles ($756 million) as of 11:26 GMT on August 18, in comparison with dollar-ruble trading that amounted to 43.7 billion rubles ($729 million).

Meanwhile, traded value in the euro-ruble pair totalled 49.9 billion rubles ($832 million). The yuan-ruble pair exceeded volumes in the euro-ruble pair on July 29.

Following harsh sanctions imposed by Western countries in response to Kremlin’s military operation in Ukraine, there is an increased interest in the yuan and other Asian currencies among Russian investors.

Moscow Exchange started trading bonds denominated in Chinese yuan earlier this month in a bid to attract more Asian investors. Russian aluminium producer Rusal issued the first offering.

According to RT, Moscow moved payment mode for exports of natural gas to ‘unfriendly nations’ to rubles. This strengthened the Russian currency. On Thursday, the ruble surged to more than a two-week high against the dollar and euro, with Russian stocks edging higher bolstered by rising crude prices along with an upcoming tax period.

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