The share of the Chinese yuan on the Moscow Exchange (MOEX) hit an all-time high in March, the Bank of Russia (CBR) reported in a monthly financial market overview published on Monday.
The yuan accounted for 39% of the total volume of trading in major currencies, up from 37% in February, according to the CBR. Meanwhile, the dollar’s share dropped to 34%, from 36% in the prior month. To compare, the greenback’s share a year ago was 87.6%, while the yuan’s was just 0.32%.
“Market participants continued to reduce the volume of transactions in ‘toxic’ currencies in exchange trading,” the regulator concluded. The dollar, along with the euro, was deemed ‘toxic’ because Ukraine-related Western sanctions against Russia jeopardized the use of these currencies in Russia’s transactions with foreign partners.
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