Yuan squeezing out dollar on Moscow ExchangeDecember 21, 2022Turnover in the greenback has been cut in half as the currencies of ‘friendly’ countries gain prominenceTrading in the currencies of so-called ‘friendly’ nations, or those that did not impose sanctions on Russia, has surged on the Moscow Exchange this year, pushing out the US dollar, the head of the bourse, Yury Denisov, said on Tuesday. The Belarusian ruble and Chinese yuan have seen volumes grow the most, by 110 and 41 times, respectively, while turnover in the Turkish lira is up some 17-fold and in the Kazakh tenge by 13-fold. The overall share of the trading volume now attributable to ‘friendly’ currencies had surged 70-fold to 34% as of November, from 0.5% in early 2022. The managing director of the exchange’s business development department, Kirill Pestov, explained that such an increase in turnover in the lira was partly due to demand for the Turkish currency from Russian tourists. Amid growing demand for national currencies, the exchange also plans to launch futures on a number of currency pairs next year: Turkish lira-Russian ruble, Hong Kong dollar-Russian ruble, and US dollar-Chinese yuan.
This article was originally published by RT.
