Importance of Chinese yuan in Russian foreign exchange market on the rise
The share of the Chinese yuan is growing both in the structure of exports and imports, as well as in foreign exchange trading in on-exchange and OTC markets. In April, as the ruble depreciated slightly, households appeared to be net sellers of foreign currencies while continuing to buy yuan.
Dynamics of OFZ yields varied (yields increased for long-term maturities and decreased for short-term ones) amid low demand from systemically important credit institutions. They do not build up their investments in OFZ-PD due to internal interest rate risk limits in parallel with the visible expansion of the loan portfolio.
Positive corporate news from individual companies and increased purchases by retail investors in April added to the growth of quotations in the Russian stock market.
In 2022–2023, on-exchange gold bullion trading intensified, with individuals beginning to play a major role.
More details are available in the new issue of the Financial Market Risks Review.
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