Support The Moscow Times!

Ruble-Yuan Trading Reaches Record Levels as Russia Looks East

The Bank of China headquarters in Beijing, China.

The turnover of ruble-yuan currency trades on the Moscow Stock Exchange rose 80 percent month-on-month in October to a historical high of 83.5 billion rubles ($1.8 billion), the bourse said in a statement.

Amid Western sanctions on Moscow for its support of pro-Russian separatists in Ukraine, the Kremlin has looked to build commercial and financial ties with Asian countries, particularly China.

Ruble-yuan trading was launched by the Moscow Exchange in 2010 and its popularity has grown rapidly this year, although it still remains a fraction of dollar-for-ruble sales.

An all-time day record for the quantity of ruble-yuan exchanges occurred on Oct. 16 when 1.5 billion yuan, or 9.9 billion rubles, was traded, according to the Moscow Exchange.

“The Moscow Exchange cooperates with large Chinese banks, facilitating the increased use of their national currencies in settlements between companies of both countries,” the Moscow Exchange said in the statement released late Wednesday.

China and Russia signed a currency swap deal worth $24.5 billion during the visit of Chinese Premier Li Keqiang to Moscow last month.

Russia is also considering accepting payment in yuan for gas pumped to China under a 30-year supply deal worth $400 billion agreed between the two countries earlier this year, Bloomberg reported in September citing unnamed sources.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more