VTB Forex has expanded its range of currency instruments for Forex trading, the bank’s press service reported. CNY/RUB and USD/CNY currency pairs are now available to customers.
As VTB Forex Deputy Director Vladimir Kostyukov noted, new currency pairs with the Chinese yuan will become in-demand and integral tools in a trader’s portfolio.
“We have always been and continue to be committed to the promotion of new and popular products of the investment market. Like the Moscow Exchange, which became the first organized yuan market outside of China, VTB Forex was the first forex dealer in the Russian market to open yuan accounts for clients to invest in forex. In our opinion, one of the most effective options for using foreign currency assets is to invest in the Forex market,” he said.
Kostyukov also reminded that in April 2023, the CNY/RUB currency pair reached 39% in the foreign exchange trading turnover, while the share of the USD/RUB exchange rate dropped to the lowest 34% in recent years.
VTB Forex stressed that the popular Chinese currency has set a new historical record in terms of trading volume in Russia. Thus, the turnover of yuan trading paired with the Russian ruble has increased more than 44 times since the beginning of 2022, reaching 1.55 trillion rubles, according to the Moscow Stock Exchange.
In addition to increasing demand for the Chinese currency, interest in yuan-denominated bonds from Russian issuers is expected to increase, according to analysts at VTB My Investments. Experts predict the CNY/RUB parity to be 11.3 at the end of 2023, with an expected exchange rate of 77.9 rubles per dollar.