Yuan overtakes dollar on Moscow Exchange

Data suggests Russia’s pivot east is gathering steam

Yuan-ruble trading has outpaced the dollar-ruble pairing for the first time, according to Moscow Exchange data on Thursday.

The amount of trade in the yuan-ruble pair reached 45.37 billion rubles ($756 million) as of 11:26 GMT compared to dollar-ruble trading that amounted to 43.7 billion rubles ($729 million). 

Meanwhile, traded value in the euro-ruble pair totaled 49.9 billion rubles ($832 million). The yuan-ruble pair exceeded volumes in the euro-ruble pair on July 29. 

The elevated interest in the yuan and other Asian currencies among Russian investors comes amid unprecedented sanctions imposed by Western states in response to Moscow’s military operation in Ukraine.

Earlier this month, the Moscow Exchange started trading bonds denominated in Chinese yuan in an attempt to attract more Asian investors. The first offering was issued by Russian aluminum producer Rusal.

READ MORE: Russia offers trade partners to join its SWIFT alternative

Moscow switched payment for exports of natural gas to ‘unfriendly nations’ to rubles, further strengthening the Russian currency. On Thursday, the ruble surged to more than a two-week high against the dollar and euro, with Russian stocks edging higher bolstered by rising crude prices along with an upcoming tax period.

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