International payments in national currencies are gaining more and more popularity. This also applies to yuan-denominated deals with Russia’s Chinese partners, but one should not get seriously involved in “yuanisation”. Such an opinion in a chat with FAN expression Andrey Loboda, Economist, Communications Director at BitRiver. He emphasized that the ruble in trade turnover should be no less important than the currency of the PRC, as it is supported by real market assets.
“The ruble remains an undervalued currency. Even against the backdrop of escalating geo-economic tensions, a dollar worth more than 75 rubles looks very expensive. Let’s not forget that Russia is a metallurgical, food and energy power. Important exchange-traded assets in these sectors can be easily converted into rubles in foreign trade. “This will support the ruble, the population, and increase the country’s economic reputation,” he said.
According to him, the best would be a balanced approach to this issue. Loboda stated that the share of the yuan in agreements with China in the largest Asian countries is in the range of 25-35%, which is also ideal for Russia.
Dollar exchange rate at the opening of trading on the Moscow Stock Exchange on April 18 augmented up to 81.54 rubles. The increase in US currency quotes was 14 kopecks compared to the closing level of previous transactions. At the same time, other foreign currencies showed similar dynamics to the Russian ruble. The euro rose 25.75 kopecks to 89.41 rubles, and the yuan increased 1.6 kopecks to 11.83 rubles.