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Yuan Trading in Russian FX Market Again Grows to Record in March
The share of yuan trading on Russia’s foreign exchange market reached a new high in March as its importance in the country’s economy continues to grow. The turnover of exchange-traded yuan amounted to 53%, while its share in over-the-counter trading also set a record of 39.6%, according to the Bank of Russia’s financial risk review for March. After Russia’s February 2022 invasion of Ukraine and the subsequent sanctions imposed by the US and its allies, Moscow sought to rapidly reduce the role of dollars and euros in its economy as it redirected trade toward Asia and away from Europe. The share of what Russia ... (full story)