the share of the yuan in settlements between the Russian Federation and countries excluding China has reached 25% – Kommersant

In the first half of 2023, 25% of Russia’s trade turnover with other countries, excluding China, was serviced in yuan, they reported RBC to the Ministry of Economy. According to the department, in July the total share of currencies of friendly countries in Russian exports reached 72% (at the beginning of 2022 it did not exceed 15%), and in imports – 69% (33% at the beginning of 2022).

The ministry clarified that the ruble remains the main currency for export payments; this year its share has more than tripled and exceeded 40%. At the same time, the department emphasized that the Russian Federation pays in rubles even with unfriendly counterparties.

The yuan remains one of the most significant friendly currencies for Russia, the Ministry of Economy noted. In the first half of 2023, 75% of trade turnover between the Russian Federation and China was serviced in yuan, the department reported. The ministry added that the average turnover of ruble/yuan trading increased to 200 billion rubles. per day, that is, more than 100 times since the beginning of 2022. Currently, 55 debt instruments in yuan are traded on the Moscow Exchange with a value of more than 80 billion rubles, the ministry noted.

September 9 Russian Foreign Ministry reportedthat the share of settlements in national currencies between Russia and China exceeds 80%. For eight months, trade turnover between the Russian Federation and China increased by 32%. According to VTB, for the seven months of 2023, settlements of medium and small businesses in yuan grew up six times year on year

Erdni Kagaltynov