The Central Bank is rebuilding the financial system for friendly currencies
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The change in the currency of settlements under contracts with companies from China and other countries increased the share of the yuan from 0.4 to 14%. At the same time, the importance of the domestic currency increased: its share in payments for exports increased from 12.3% to 32.4%. Market participants also purchased Chinese currency for rubles and transferred part of the funds from dollars and euros to it, the Central Bank notes.
The share of exchange trading using the yuan increased from 3% in March to 33% in November, writes the Bank of Russia. The volume of trading in the currencies of other friendly countries in monthly terms increased 6 times from 6.5 billion rubles. in March to 39.4 billion rubles. in September. A similar trend is observed in the over-the-counter market, the report says.
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