Holding savings in US dollars and euros is losing relevance. Russian savers are turning their attention toward yuan deposits as a growing option. This stance surfaced in an interview with a leading Russian business daily, where the head of an investment firm and a member of a national financial markets commission shared his view on the currency shift.
The yuan has not yet become a global reserve currency, yet its footprint in international markets is expanding. Recent data show the yuan’s share in world trade rising notably, and Russian banks are increasingly offering accounts denominated in yuan to attract funds. The shift aligns with broader moves by global finance to diversify currency exposure beyond traditional dollars and euros.
According to industry observers, about a dozen Russian banks are actively promoting yuan deposits. The typical product allows deposits ranging from 100 to 2 million yuan, with interest rates presently higher than those offered on dollar accounts, in the 1.3% to 2.4% band. This makes yuan deposits appealing for savers seeking marginally better returns while diversifying currency risk.
Analysts note that the yuan’s value relative to the ruble has strengthened in ruble terms over recent periods, reflecting a broader shift in currency markets. On the Moscow exchange, the yuan saw a sustained upward move, contributing to a perception of renewed strength for the Chinese currency against the ruble. Market participants described ongoing activity around the yuan-ruble pair, with many predicting continued volatility and the potential for further adjustments as global demand for yuan evolves.
Market commentary from a leading stockbroker reinforces this view, highlighting the yuan’s resilience against the ruble and signaling that the yuan’s ruble pairing could remain dynamic in the near term. Traders and analysts alike emphasize monitoring central bank policy, trade tensions, and regional economic indicators that could influence yuan demand within Russia.
Overall, the growing prominence of yuan-based deposits in Russia reflects a broader trend of currency diversification among investors and financial institutions. While the yuan has yet to achieve reserve-currency status, its rising prominence in both trade and capital markets suggests that it will continue to play a larger role in cross-border finance, including within the Russian banking sector.