The number of commercial payments sent by Russian entrepreneurs to foreign counterparties in yuan has increased by 18.5 times this year compared to 2021. Analysts regarding the direction of Tochka Bank’s foreign economic activity came to this conclusion; A copy of the work is available on socialbites.ca.
In 2021, the yuan accounted for only 2.85% of the total payments sent by overseas entrepreneurs, according to the bank. In 2023, this figure was already 66.6%. In the same period, the share of the US dollar and euro also fell from 95.6% to 19.5% in the same period.
“In the past two years, the market has started to work with national currencies. Not only the yuan, but also the Kazakh tenge, Turkish lira, Georgian lari, Serbian dinar and others are gaining popularity,” he said.
Tochka’s analysts also tracked all of Russia’s trend towards yuan-denominated settlements. Thus, according to the Central Bank of the Russian Federation, the volume of imports in Chinese currency increased from 4% to 34% in the last year and a half.
Tochka conducted the study in August 2023. As part of this, the bank analyzed the volume of payments in Chinese currency for the January-July 2023 period and compared these figures to the same period in 2021. Analysts at Tochka conducted an analysis based on clearing data from customers who opened a foreign exchange account at a bank.
On Tuesday, the Central Bank of the Russian Federation placed the yuan first against the ruble in its list of daily exchange rates.
The former Russians announcedWhy did the Central Bank take such a decision?