The Chinese currency is taking an increasing place in the Russian economy. In just six months, the yields on yuan deposits of major banks rose from 1% to over 3% per annum, and on yuan bonds – to 4-6% per year. In this respect writer “Kommersant” referring to the “Overview of the risks of financial markets” from the Central Bank.
The Central Bank noted that the upward trend in the yuan’s share both in payments made for foreign economic transactions and in the domestic foreign exchange and over-the-counter markets continues. Thus, yuan deposits in large banks were on average 3.2-3.5% per year, up from 1% six months ago. In addition, higher rates are available in the debt market, where the 4-5 year bond yield is 3.5-6.4% per annum.
Market experts agree that returns at the beginning of the year are starting to rise due to low demand from investors. That is, anyone who already wanted to invest, so they needed to be motivated by more profitable offers.
Analysts thought that over time, the market could become oversaturated and yields would fall again. However, in the next two or three years, yields on many currency instruments will decline as additional placements and the volume of yuan bonds stabilize.
7 May RBC WroteHe said that the Bondholders Association (ABO) appealed to Finance Minister Anton Siluanov and head of the State Duma Committee on the financial market, Anatoly Aksakov, with a request to cancel the personal income tax (PIT) resulting from the exchange of substitute Eurobonds. papers due to currency revaluation.