Russia in terms of payments in Chinese yuan outside China came in third place, according to monthly statistics of the interbank payment system SWIFT. Document with data for August is presented on the website on September 22.
In the top 15 world economies that make the maximum number of offshore payments in yuan (that is, outside of China), Russia ranked third with a figure of 4.3%. The United Kingdom (second place with 5.75%) and Hong Kong (first place with 71.14%) were ahead of it, the company’s analysts said.
Singapore and the US came in fourth and fifth with 3.77% and 2.98% respectively. The least payments in yuan were made in Canada – 0.41%.
“In August 2022, the yuan maintained its position as the fifth largest currency for global payments with a share of 2.31%. Overall, the volume of payments in RMB increased by 9.25% compared to July 2022, while in general, all currencies added in the volume of payments made by 4.01%. In terms of international transactions, excluding payments within the eurozone, the yuan ranked sixth with a share of 1.55% in August this year,” the document says.
Yuan is the first currency to replace the dollar and the euro, which Russian banks are looking at in the process of devaluation of the sector. This preference is due to high demand and a stable exchange rate of the Chinese currency, Deputy Finance Minister Alexei Moiseev said on September 8.
On September 7, Director of the First Asia Department of the Russian Foreign Ministry Georgy Zinoviev announced that the share of national currencies in mutual settlements between Russia and China is growing, along with it, the demand for the yuan and the volume of transactions with it on the stock exchange are increasing.
He emphasized that cooperation between Russia and China does not depend on external conditions, and expressed confidence that the trend towards strengthening economic ties with China will continue.
#Russia #enters #top #terms #yuan #payments #China