Russia’s Central Bank has said that the yuan/ruble exchange rate will now set the trajectory for all other currency pairs.
Moscow’s economic ties with Beijing have tightened even more after Russia’s Central Bank announced the yuan-ruble exchange rate will become a benchmark for other currency pairs.
The bank’s statement on Thursday followed a turbulent day in which the Moscow Exchange (MOEX) suspended trading in dollars and euros following a new raft of sanctions by the United States aimed at thwarting Russia’s war effort in Ukraine.
Referring to when Moscow’s full-scale invasion started, the central bank said, « Over the past two years, the role of the U.S. dollar and the euro in the Russian market has been consistently declining », business newspaper Vedemosti reported.
The bank said that was because of a « redirection of trade flows to the East and the change in the currency of settlements to rubles, yuan and other currencies of friendly countries », referring to those nations that have not joined Western sanctions against Russia.
