Moscow’s exchange said interest in using the yuan had grown significantly!
Moscow’s exchange started trading bonds where transactions would be settled in Chinese yuan.
Many Russian companies have sought to further ties with China after Western nations cut Moscow off from global financial systems and blocked Russia’s central bank from using reserves denominated in dollars, euros and other foreign currencies.
Tweet on Moscow’s exchange trading bond in Yuan!
Moscow's exchange started trading bonds in Chinese yuan!
Many Russian companies have sought to further ties with China after Western nations cut Moscow off from global financial systems and blocked Russia's central bank from using reserves denominated in dollars, @wsj reported pic.twitter.com/UrojMnT4zp
— The_Journalbiz (@the_journalbiz) August 5, 2022
Moscow’s exchange said it has seen a rise in interest in using the yuan as a settlement.
The average daily trading volume of yuan on the exchange for the first half of 2022 increased by 12.4 times versus the same period last year and amounted to the equivalent of $752.3 million, the exchange said.
Russia’s largest aluminum producer Rusal became the first company to issue yuan bonds in Russia.
Debt instruments denominated in the Chinese yuan open up an additional source of forex liquidity for Russian borrowers,” said Gleb Shevelenkov, head of the debt market at Moscow Exchange.
In the first half of 2022, an average daily trade turnover with the yuan on the currency trading section rose by more than 12-fold, Moscow Exchange said.