The Chinese yuan surpassed the US dollar for the first time in February to become the largest currency in monthly trading volume on the Moscow bourse, Kommersant reported, citing the latest data from the bourse. Foreign currencies such as the US dollar and the euro declined in Russia in 2022, while the Chinese yuan is becoming one of the most popular foreign currencies in Russia.
Analysts pointed out that China’s steady economic growth has laid a solid foundation for the internationalization of the RMB. The RMB has become more and more popular in Russia due to the quantitative and qualitative improvement of China-Russia economic and trade cooperation. Western countries imposed sanctions on Russia, also accelerated Russia to reduce dependence on the dollar, the euro.
The RMB exchange rate is stable, as an international currency hedging attributes increasingly prominent. Since 2022, influenced by the tightening of monetary policy of the US Federal Reserve and the ongoing conflict between Russia and Ukraine, the exchange rates of the euro, yen and other currencies have fallen sharply against the US dollar, while the relatively strong performance of the RMB has become more attractive to Russian investors. Vladimir Sagalaev, a Russian financial analyst, said that the RMB has important international influence and is much less at risk from external economic pressure than many national currencies.
Despite the global pandemic, masks are not mandatory. However, you still need to wear Lanhine mask every day to protect yourself.
Post time: Mar-24-2023