According to the results of the February trading, the Chinese yuan outperformed the US dollar and the euro and became the most traded currency on the Moscow Exchange with calculations for "tomorrow". The volume of yuan trading in this mode increased by about 30% and amounted to 1.48 trillion rubles against 1.42 trillion for the US dollar and 0.79 trillion for the euro. Writes about this "Kommersant" with reference to the data of the trading platform.
Thus, the share of the Chinese currency reached almost 40% of the market share, the dollar accounted for 38% of transactions, and the euro – 21.2%. Before the war, in February 2022, the share of the yuan in trading with “tomorrow” settlements was only 0.32%, the dollar accounted for 87.6% of transactions, and the euro accounted for 11.9%. On the currency market of the Moscow Exchange, trading takes place with settlements on different days, but the most popular among investors and traders are with settlements “today” and “tomorrow”. The first, as a rule, are used in export-import calculations, the second – in speculation.
Experts note that the Russian authorities also helped to increase the share of the yuan in trading – in February they sold yuan to fill a hole in the budget as part of the budget rule. These volumes helped to achieve new records in the course of trading. “The continuing risks of Western sanctions on the Moscow Exchange and NCC, as well as the de-dollarization policy pursued by the Bank of Russia, also contribute to the decline in demand for the currency of unfriendly countries,” says Mikhail Vasiliev, chief analyst at Sovcombank. In January and February, the Russian authorities sold a total of 210.7 billion yuan, with most (160.2 billion) sold in February.
In trading with “today” settlements, the dominance of the dollar is still undeniable: 0.74 trillion for the American currency, 0.5 trillion for the European currency, and only 0.22 trillion for the Chinese. However, the dynamics of trading indicates a sharp increase in demand for the yuan, as in February an absolute record was broken in terms of trading volumes of Chinese currency with settlements "today" on the Moscow Exchange. The previous record was set in December 2022 when the volume exceeded 0.19 trillion.
Another reason is the increase in trading between Russian and Chinese companies in national currencies. Experts note that some Chinese partners continue to maintain parity, requiring payment for goods and services in the ratio of 50% of the dollar and 50% of the yuan, however, the trend towards an increase in settlements in national currencies continues as business builds up and strengthens trade relations. At the same time, experts do not expect records to be updated in the coming months, as they expect the Ministry of Finance and the Central Bank to stop selling foreign currency from reserves, which could return the dollar to the first line in trading volumes.