(Russia / Beijing Comprehensive News) After Russia's invasion of Ukraine for one year, RMB replaced the US dollar to become Russia's largest foreign currency.
Comprehensive Bloomberg, Zhongcai.com and Russian satellite news agency reported that the Moscow Exchange data shows that the RMB transaction volume in Russia in February this year exceeded 1.48 trillion rubles (the same below, about S $ 25 billion), which is higher than January than JanuaryOne -third, exceeded the dollar for the first time, accounting for nearly 40%of the major foreign currency transaction volume.
The US dollar transaction volume also increased in the month, but the increase was only 8%to 1.42 trillion rubles.The gap between the two currencies was further widened in March.Before the outbreak of the Russian and Ukraine War, the transaction volume of the RMB in the Russian market could be ignored.
The transformation of the RMB transaction volume occurred after several additional sanctions this year affected several Russian banks. These banks could have previously used currencies for the US dollar and other Russia to be listed as "unfriendly" countries for cross -border transfer.
The Russian Ministry of Finance reorganized the asset allocation of the National Fortune Fund earlier this year, and no longer invested in assets calculated in the US dollar, and the upper limit of the RMB in the fund reached 60%.
Russia's invasion of Ukraine in February last year was sanctioned by Western countries, and it deepened its relationship with Beijing.Chinese officials visited Russia for the first time after re -election last month. In a joint statement, the two countries emphasized that they were prioritized to each other as their partners, and stated that they expanded cooperation in the fields of trade, investment, supply chain, energy and high -tech.
