Is Russia's forex trading 100% in yuan?

Image Credit: Google 11/07/2024

According to a bloomberg report, the yuan's share in Russia's foreign exchange market has reached 99.6%.

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In May 2024, the yuan's share in Russia's exchange trading volume was only 53.6%,

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The latest sanctions imposed by the US in mid-June 2024 forced it to stop trading in dollars and euros.

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According to the Bank of Russia's June 2024 Financial Risk Review, they suffered losses without these currencies.

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According to the review, the average daily volume of exchange FX trading had fallen by almost a third to 282 billion rubles.

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The US dollar and euro are still traded in the over-the-counter market.

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While turnover fell slightly to 13 trillion rubles in June.

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As for the yuan, its share increased by 0.8pp to 40%.

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According to the report, sales by major exporters remained high and reached $14.6 billion in June.

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