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China's yuan now accounts for nearly half of Moscow's currency market as Russian central bank calls for balanced transition to the redback

2 monthes ago   |   By Business Insider

Chinese buyers of Russian oil are seeking to avoid reputation damage, one analyst said. ALEXEI DRUZHININ/Getty Images
The yuan's share of the Russian currency market is now 40%-45% vs. less than 1% at the start of the year, according to the Moscow Exchange.
And yuan-ruble trading in October was more than 80 times the level in February, Reuters reported.
Russia's central bank is pushing for a balanced transition to the yuan that includes imports, exports and capital transactions.
The yuan now accounts for nearly half of Moscow's currency market, and the Russian central bank has called for a...
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