Ruble Is Stumbling as Yuan Trading Volumes Soar to Record
- Daily volume in yuan-ruble pair now exceeds euro-ruble pair
- Russian currency is set for its first monthly loss in five
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The war in Ukraine has accelerated Russia’s pivot east and sent local demand for China’s yuan surging, helping tame a four-month ruble rally that’s piled pressure on companies and the budget.
Trading volume in the yuan-ruble pair increased to the highest ever this week and hit a daily record of 7.82 billion yuan ($1.16 billion) on Wednesday, according to Moscow Exchange data. Volumes for the yuan-ruble currency pair are now higher than for the euro-ruble pair, the figures show. The ruble is this month’s worst performer against the dollar among 23 emerging-market currencies tracked by Bloomberg.