Yuan to replace dollar as Russia’s main foreign currency – Central Bank ...News

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Yuan to replace dollar as Russia’s main foreign currency – Central Bank
The renminbi accounted for a 54% share of the FX market in May, according to the regulator The yuan/ruble exchange rate will now set the trajectory for other currency pairs on the Moscow Exchange (MOEX), including for the euro and dollar, the Bank of Russia (CBR) announced on Thursday. The statement comes as the latest round of US sanctions prompted the MOEX on Wednesday to suspend trading in dollars and euros. The UK followed Washington’s lead on Thursday, introducing restrictions against the Russian financial system. Transactions in US dollars and euro will continue on the over-the-counter (OTC) market. “The yua

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