In Russia, after the recent introduction of sanctions by the United States against the Russian financial sector, in connection with which the Moscow Exchange stopped trading in dollars and euros, the yuan will become the main foreign currency.
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This is stated in a statement by the press service of the Russian central bank “Bank of Russia”, which was distributed by the Russian media today, June 13.
Over the past two years, the role of the US dollar and euro in the Russian market has consistently declined. This is the result of a redirection of trade flows to the East and a change in the currency of settlements to rubles, yuan and other friendly currencies,” the department said.
In May of this year, the share of the yuan in trading on the Moscow Exchange has already reached 54%.
Thus, the yuan has already become the main currency in exchange trading. The yuan/ruble exchange rate will set the trajectory for other currency pairs and will become a guideline for market participants, the Central Bank of Russia added.
At the same time, the dollar and euro in Russia “will continue to be traded on the over-the-counter market,” the Russian Central Bank assured.
The UK, following the US, imposed sanctions against the Moscow Exchange
Source: Racurs
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