In the first seven months of this year, the spot trading volume in yuan on the Moscow Stock Exchange reached 18.3 trillion rubles, which is 6.5 times more than in the same period last year. In this respect he is writing The newspaper Izvestia, with reference to the press service of the exchange.
18.3 trillion rubles corresponds to about 8.4% of last year’s GDP (153.4 trillion). This is also the approximate amount of cash in circulation in Russia. As of July 1, this figure reached 17.8 trillion rubles. The Chinese currency has traded the most on the Moscow Stock Exchange this summer. Its representatives stated that in July this year, the share of the yuan reached 43%, the US dollar reached 34%, and the euro reached 12%.
Artur Bedzhanov, senior personal broker at BCS World of Investments, explained this trend with the increasing demand from Russian businesses and investors for the Chinese currency.
“Companies have begun to divert their cash flows to a friendly currency due to the restrictions imposed by the Central Bank and due to the increase in imports of Chinese goods (cars, shoes, clothing and appliances),” the expert said. .
According to the General Administration of Customs of the People’s Republic of China, the trade turnover between Russia and China increased by 40.6% in the January-June period this year compared to the same period last year, reaching $114.54 billion.
Bedzhanov believes that the demand for the yuan in Russia is not expected to fall in the near future. He admitted that this could only be possible with the normalization of Russia’s relations with Western countries and the easing of sanctions on the gold and foreign currency reserves of the Central Bank of the Russian Federation.
Spot trading is the process of directly buying and selling financial assets with “on-the-spot” (on-the-spot) payment. 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. knowledgeable “socialbites.ca” with reference to the work of the bank “Tochka”.
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