Yuan has emerged among the top three currencies Russians choose for savings, according to statistics reported by RIA Novosti citing data from the Central Bank of the Russian Federation. The bank’s figures show that while the ruble remains the most favored option, a growing share of residents are diversifying their savings into other currencies.
The Central Bank’s data indicate that the ruble is still the preferred store of value for 34.9 percent of Russians. The U.S. dollar follows, used by 28.3 percent of savers, with the Chinese yuan ranking third at 17.4 percent. The euro is chosen by 8 percent of the population. These distributions reflect shifting attitudes toward currency risk, international trade dynamics, and the broader economic environment facing households in Russia. [Source: Central Bank of the Russian Federation]
The yuan’s rising prominence is attributed in part to the strengthening ties between Moscow and Beijing, including the expansion of bilateral trade settled in national currencies. The Central Bank has also signaled a preference for the yuan in its own reserve management, gradually adjusting the mix of foreign assets by reducing holdings of dollars and euros. This move aligns with broader policy shifts aimed at stabilizing reserves and facilitating settlement in a currency that reflects evolving economic partnerships. [Source: Central Bank of the Russian Federation]
At the start of February, Russians held about 7.3 trillion rubles in foreign currency, a level not seen since 2018 when such figures began to be publicly tracked. This milestone underscores a sustained interest in non-ruble assets amid fluctuations in global markets and domestic economic conditions. The growth in foreign currency holdings mirrors experiences from previous years when households sought to hedge against currency volatility and inflation expectations, while still maintaining a strong preference for the domestic ruble as a baseline store of value. [Source: Central Bank of the Russian Federation]
Historical surveys, including the late-2022 results reported by the Moneyman service and cited by the Prime Ministry, show that the appetite for currencies from what are deemed “friendly” countries increased noticeably in 2022. In that period, the Chinese yuan, Kazakh tenge, and Arabian dirham stood out as popular units of account among Russians. This trend reflects a broader curiosity about regional currencies and a move toward diversified savings strategies that can mitigate exposure to a single currency’s risk. [Source: Central Bank of the Russian Federation]