The Chinese currency now accounts for the largest share of forex trading, the regulator reports

The share of the Chinese yuan on Russia’s foreign exchange market hit an all-time high in March, the Bank of Russia (CBR) reported in its financial risk review on Monday.

Russia’s shift away from major Western currencies started with the US and EU sanctions imposed on the country over the Ukraine conflict. The financial restrictions made cross-border trade in euros and dollars more difficult and their presence on the domestic foreign exchange market less important.

The turnover of exchange-traded yuan amounted to 53% last month compared to 46.6% in February, according to the CBR. The share of renminbi in over-the-counter trading also posted a record high, reaching 39.6%.

Meanwhile, the share of Western currencies, including the US dollar and the euro, dropped to 46.4% on the exchange in March from 52.8% the previous month, data showed. In the over-the-counter segment, the share of the greenback and euro also continued to decline, decreasing to 54.7% from 59.8% in February......More Below

https://www.rt.com/business/595642-yuan-trading-russian-forex-market/