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Trading of Chinese Renminbi Is Increasing Rapidly in Russia

Russian Finam recently released data indicating that, as of November, the trading volume of the RMB at the Moscow Interbank Currency Exchange (MICEX) had increased 19 times since April. At the same time, statistics from many Russian banks with RMB-related businesses showed that the Russian public’s recognition and acceptance of the RMB has also risen. Analysts believe that the weakening of the euro and the dollar, the steady growth of Sino-Russian trade, and other factors have been accelerating the process of the internationalization of the RMB. 

Back in December 2010, MICEX started direct trading of the RMB against the ruble and became the first overseas brokerage offering an RMB exchange. In April of this year, the brokerage increased the trading options of the RMB against the ruble, extended trading hours, and added more delivery methods. Trenin, director of the Moscow Carnegie Center, told reporters that, by adjusting the trading rules, the RMB obtained the same trading conditions as the dollar and the euro. Trenin affirmed that, as the liquidity of the dollar and euro is tightening, the average daily trading volume of the RMB has been increasing significantly. Since May of this year, the average daily trading volume of RMB has exceeded 22 million yuan. 

People’s Daily, December 3, 2013