Skip to content

RMB Takes Top Spot on Moscow Currency Exchange for 2023

According to reports from Russian media, in 2023, the trading volume of the Chinese yuan (RMB) on the Moscow Exchange exceeded that of the US dollar, accounting for 42 percent of the total foreign exchange trading volume.

The yuan’s trading volume reached 34.15 trillion rubles, three times the previous year’s volume of 10.25 trillion rubles. The trading volume of the US dollar was about 32.49 trillion rubles, constituting less than 40 percent of the exchange’s total trading volume. The trading volume of the euro was 14.6 trillion rubles, accounting for less than 18 percent and ranking third on the exchange. In 2022, the combined trading share of the US dollar and the euro on the Moscow Exchange was 87%.

Starting on December 4, 2023, the Moscow Exchange introduced three new tools for trading the Chinese yuan against the ruble, aiming to enhance the convenience of market participants in currency exchange transactions and reduce trading risks.

Source: People’s Daily, January 20, 2024