Hong Kong Dollar Sees Growing Use Among Russians as Alternative to U.S. Dollar and Euro
Recent commentary from a Russian market professional suggests that the Hong Kong dollar (HKD) could serve as a practical substitute for the U.S. dollar and the euro in Russia, especially amid ongoing sanctions risk and restrictive currency controls. Dmitry Babin, a stockbroker with BCS Mir Investments, shared these views in an interview with a financial outlet, noting the HKD’s long standing stability as a central feature of Hong Kong’s monetary policy. The currency has been steered into a narrow trading corridor by the Hong Kong Monetary Authority for more than four decades, a framework Babin describes as a reliable anchor in the face of external pressures. This stability may make HKD an appealing option for Russians seeking to diversify away from hostile currencies amid sanctions concerns.
At present, the Hong Kong dollar trades at about 12.59 rubles, with a modest gain of roughly one ruble over the past month. On the latest closing session of the Moscow Exchange, the U.S. dollar traded near 99.43 rubles and the euro around 108.78 rubles, while the yuan stood at approximately 13,695 rubles per unit. These figures reflect a landscape of fluctuating exchange rates that influence household budgets and corporate planning alike.
Surveys conducted in the spring showed Russians’ currency preferences shifting, with a portion indicating openness to nontraditional options. About 6.9% of respondents favored the HKD or other less common currencies. In contrast, the ruble attracted 34.9% of votes, and the U.S. dollar remained a strong second at 28.3%. The Chinese yuan also ranked highly at 17.4%, while the euro trailed at 8.4%. The results highlight a landscape where diversification is increasingly part of financial thinking rather than a race toward a single, familiar benchmark.
Industry observers say the term friendly currencies has begun to take on new meaning as Russians explore alternatives to what some call traditional deposit destinations that are more exposed to sanctions. Kommersant, a business daily, notes that deposits in a range of currencies beyond the yuan are becoming more common. Banks have started offering products in Indian rupees, United Arab Emirates dirhams, and Kazakhstani tenge, expanding the set of options available to savers and investors. This trend signals a broader move toward cross-border diversification in response to changing risk perceptions and policy signals.
Earlier remarks by Babin touched on the practical considerations behind such shifts, including liquidity, accessibility, and the regulatory environment. As the global financial system evolves, the HKD may present a steady alternative under scenarios where traditional currencies face heightened friction. Observers emphasize that any transition should be guided by careful analysis of exchange costs, potential volatility, and the ability to convert holdings when needed. The dialogue around currency choice remains nuanced and regionally specific, with different segments of the market weighing the benefits of diversification against the obligations of regulatory compliance.
With ongoing geopolitical and economic developments, the conversation around currency preference in Russia continues to evolve. While the Hong Kong dollar is not a universal solution, its stability and policy framework provide a compelling case for considering a broader mix of currencies in personal and corporate portfolios. Market participants stress the importance of staying informed about exchange rate movements, regulatory changes, and the broader implications for savings, loans, and investment strategies. The evolving stance toward multi-currency holdings underscores a pragmatic approach to risk management in a dynamic global environment.
Note: This report synthesizes statements from industry professionals and market data from recent sessions. Attribution reflects publicly available commentary from financial news outlets and market observers.]