China Allows Yuan to Start Trading Against Ruble
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China started allowing the yuan to trade against the Russian ruble from today in the interbank market as policy makers promote the currency’s use in global trade and finance.
The move will help “facilitate bilateral trade between China and Russia and help develop yuan trade settlements,” said a statement published on the website of the China Foreign Exchange Trade System, a subsidiary of the People’s Bank of China. The ruble traded at 4.6711 per yuan as of 5:30 p.m. in Shanghai, according to CFETS data. It was little changed from yesterday at 4.6712, according to data compiled by Bloomberg.