icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
20 Aug, 2022 08:53

Russia now in top three markets for yuan payments

The world's largest country follows traditional players Hong Kong and Britain, in the global use of China’s currency
Russia now in top three markets for yuan payments

Russia's payment volumes in Chinese yuan now make the country the third largest market in the world outside mainland China for the currency. The ranking is based on data released by the global financial messaging firm SWIFT.

Last month, Russian businesses and financial institutions were reportedly involved in nearly 4% of international yuan payments by value, compared to only 1.42% recorded in June.

Hong Kong remained the top source of yuan transactions outside mainland China with 73.8% of the total, followed by the UK, with 6.4%. Singapore and the US were fourth and fifth, with 3.77% and 2.98% of the international total, respectively.

Earlier this week, data tracked by the Moscow Exchange showed that yuan-ruble trading has outpaced the dollar-ruble pairing for the first time, while the yuan-ruble pair exceeded volumes in the euro-ruble pair in late July. 

Keen interest in the yuan and other Asian currencies from the Russian financial and corporate sector has arisen in the wake of unprecedented sanctions introduced by Western states in response to Moscow’s military operation in Ukraine.

For more stories on economy & finance visit RT's business section