Enligt Moscow Times är hela ryska marknadsplattformen en kinesisk viskning från att kollapsa. Ryssland är helt i händerna på Kina och kinesiska beslut.
The foreign exchange market of the Moscow Exchange, once one of the largest in Eastern Europe, with an annual turnover of more than 300 trillion rubles, degraded to an "exchange office" with the only available currency.
After the American sanctions against the exchange and its key settlement structures - the National Clearing Center and the National Settlement Depository - the Chinese yuan occupied 99.6% of the currency exchange market, the Central Bank stated in the July ‘Financial Markets Risk Review’.
Before the outbreak of the war, the yuan accounted for only 3.5% of foreign exchange transactions on the Moscow Exchange, at the beginning of 2024 this share increased to half.
Now, except for the Chinese currency, there is almost nothing on the main trading platform of Russia de facto. The remaining 0.4% of the market is occupied by a few "friendly" currencies. Among them are the Belarusian ruble and Kazakhstani tenge, the rates of which the Moscow Exchange placed on the main page of its website.
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To satisfy the yuan hunger, the Central Bank pours currency from reserves into the market: the limit on swap operations with the yuan has been increased to 20 billion yuan per day. "On some days, there are still surges in demand for foreign exchange liquidity," the regulator writes.
If trading in the yuan stops, the exchange currency market in Russia will actually die, notes economist Andrei Barkhota.
According to Bloomberg, the Central Bank is already considering such a scenario as real, fearing that Chinese banks will curtail cooperation with the stock exchange due to American sanctions.
The Bank of Russia "takes into account the risks" of stopping yuan trading, said the head of the regulator Elvira Nabiullina on July 4. She added that at the same time the situation with cross-border payments has become more complicated.
Since the beginning of the year, foreign banks, including in countries that the Kremlin calls "friendly," have been massively blocking payments with Russia.
https://x.com/NatalkaKyiv/status/1811047823879614522