The share of the yuan in payments for Russian exports in January exceeded 40% – Kommersant
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Against the backdrop of a decrease in volumes of foreign trade transactions, the share of the yuan in payments for Russian exports in January 2024 increased to 40.8%, in imports – to 38.5%, follows from the “Review of Financial Market Risks” (.pdf), presented by the Bank of Russia. In value terms, the volume of the yuan in export revenues amounted to $13.2 billion, in payments for imports – $9.1 billion.
In February, in the structure of the exchange foreign exchange market, against the backdrop of holidays in China, the share of trading in the yuan decreased to 46.6% from 50.6% in January. At the same time, the share of “toxic” currencies on the exchange again exceeded half of trading, amounting to 52.8%, the regulator’s report notes.
In the over-the-counter segment in February, the share of the yuan decreased to 32.5% from 33.6% in January, while the share of currencies of other friendly countries, on the contrary, increased. The share of “toxic” currencies in the over-the-counter market decreased to 59.8% from 61.8% in January.
On February 28, the exchange volume of yuan trading for delivery “tomorrow” reached its highest level since the beginning of 2024—RUB 232 billion. This result became the second in the entire history of exchange trading in Chinese currency. The trading volume was higher only on July 7, 2023 – 239.6 billion rubles.
Read more in the Kommersant article. “A bright tomorrow has arrived for the yuan” .
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