Russia will only buy yuan next year to replenish the National Wealth Fund instead of other currencies, said Finance Minister Anton Siluanov yester
Russia will only buy yuan next year to replenish the National Wealth Fund instead of other currencies, said Finance Minister Anton Siluanov yesterday.
Siluanov noted that among all the currencies of friendly countries, the yuan best fits the characteristics of a reserve currency.
Western sanctions on Moscow over its actions in Ukraine have curbed its use of and access to dollars and euros, and the Chinese currency’s role in Russia’s economy is growing fast.
Daily yuan-rouble trading volumes on the Moscow Exchange are already exceeding US dollar-rouble trades on some days, according to Refinitiv data, a trend set be to accentuated in 2023 as an oil embargo and price cap squeeze Russia’s traditional export routes. Russia stopped intervening on the FX market in February due to restrictions imposed on its use of foreign exchange reserves after it invaded Ukraine.
Staff reporter and Reuters
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