Russia’s Foreign Exchange Trading Is Now Almost 100% in Yuan
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The share of yuan on Russia’s foreign exchange market has reached 99.6% after sanctions forced the Moscow Exchange to halt trading in US dollars and the euro.
While yuan accounted for only 53.6% of Russia’s exchange trading volume in May, the latest sanctions introduced by the US in mid June forced it to halt trading in dollars and euros. Without those currencies, the average daily volume of exchange FX trading shrunk by almost a third to 282 billion rubles in the second half of June, according to Bank of Russia’s June financial risk review.