In November, the share of the Chinese yuan in Russia’s domestic foreign exchange market reached a record high, according to data from TSB RF. The yuan’s presence in the FX segment climbed to 46.2%, up from 43.9% in October. During the same period, the share of the U.S. dollar and the euro declined, moving from 54.6% to 52.3% in aggregate. The Central Bank reported that the yuan’s rate in the over-the-counter market hit a fresh peak, rising to 31.5%, while so‑called toxic currencies stood at 63% (TSB RF).
Concurrently, total monthly turnover in the foreign exchange segment for November fell by 13% versus October, reaching 9.2 trillion rubles. In the over-the-counter market, turnover dropped by 15.8%, totaling 12.9 trillion rubles. The regulator noted that the over-the-counter portion accounted for 58.4% of activity (TSB RF).
Earlier, in October, Swift data indicated that the yuan’s share in global trade settlements rose, achieving a record of 5.8%. This development helped the yuan overtake the euro and become the second most-used currency after the U.S. dollar, which held a dominant share of about 84.15%. Since December of the previous year, the dollar’s share has remained close to 85% (Swift data). These shifts underscore growing yuan use in international deals and a broader diversification of currency choices among market participants (Swift; TSB RF).
Additionally, reports noted that Deripaska had a surge in transactions denominated in Chinese currency, with a doubling of activity observed within one year, highlighting increasing financial ties between the entities involved and Chinese monetary instruments (TSB RF).