Chinese Yuan Weakens Against Ruble to Lowest in More Than a Year
- Decline follows US sanctions on Russia’s main exchange
- Government could ease FX sales requirements for exporters
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Russia’s ruble strengthened against the Chinese yuan for the fifth day in a row after the US announced sanctions against the Moscow Exchange and its subsidiaries last week.
The yuan weakened past the level of 11 rubles for the first time since May 2023, falling by more than 5% during trading in Moscow on Wednesday before paring some of its losses. That follows Tuesday’s drop of more than 4%, the biggest decline in more than two years.