The foreign exchange market in Russia has changed significantly since the announcement of US sanctions. The Chinese yuan has become the main foreign currency, instead of the US dollar.
This was reported by the Russian media.
According to the Central Bank of Russia, for the first time since June 29, 2023, the yuan exchange rate on the Moscow Stock Exchange has fallen below 12 rubles. The yuan/ruble exchange rate will now set the trajectory for all other currency pairs, including the euro and the dollar.
At the same time, the official ruble exchange rate will remain unified and market-based, only the range of data for its calculation will change. In addition, Russia's international trade and trade balance will depend on China's financial performance.
Earlier, we wrote about long lines for foreign currency in Russia.