In August, the Russians bought yuan for a record 39 billion rubles
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The Central Bank of Russia published a review of financial market risks for August (.pdf). According to the regulator, over the past month, individuals have purchased yuan in the amount of 39 billion rubles. This is a record figure since the beginning of the year. At the same time, as noted in the Central Bank, in mid-August, net sales of the dollar and the euro increased. In July and August, it follows from the review, private investors purchased Chinese and Hong Kong shares worth about 14.4 billion rubles. on the St. Petersburg Exchange.
“The position of the yuan is strengthening in the Russian foreign exchange market, in the volume of exchange and over-the-counter trading, it accounts for 26% and 17%, respectively. In addition to professional market participants, individuals are also showing interest in the yuan,” the Bank of Russia review says.
At the same time, the regulator notes that the trend of selling unfriendly currencies in August was short-lived.
In the current geopolitical conditions, the report says, the growth in trading and purchases of friendly currencies, including the yuan, reflects the desire of Russian economic participants to reduce sanctions risks.
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