As part of the currency swap instrument, banks in Russia withdrew a record 3.1 billion Chinese yuan (37.3 billion rubles) from the Central Bank, with a set limit of 10 billion yuan. Wrote newspaper “Kommersant”.
Currency swap involves an agreement to exchange principal and interest in one currency for principal and interest in another currency.
The rate of yuan for credit institutions was 3.83% per annum, for rubles – 6.5%.
The regulator launched such a tool in early 2023. Banks used it for the first time on March 24. A total of six such operations were performed. The previous record for the volume of yuan withdrawn was broken on April 4 – credit institutions made deals for 2.8 billion yuan (31.9 billion rubles).
In the first half of April, the newspaper Vedomosti, based on data from the regulator WroteThat Russian credit institutions have started receiving Chinese yuan from the Central Bank of Russia through currency swaps in recent weeks.
Project Syndicate portal last week WroteThat China has made significant progress in strengthening its national currency, and that the yuan is likely to become the world’s reserve currency instead of the US dollar.