Economist Grigoriev: the yuan exchange rate will not fall below 10.5 rubles
In this case, the yuan exchange rate reflects a decrease in demand for this currency, said Vladimir Grigoriev, candidate of economic sciences and financial expert. In a conversation with Lenta.ru, he named the reasons for the fall of the Chinese currency, as well as the limit to which its value could fall.
The exchange rate of not only the yuan, but also other currencies, is declining, the economist noted. He linked this to the large inflow of foreign currency into the Russian market in May. “Now it just arrives in the country with a long delay for obvious reasons, due to sanctions. In this regard, we do not have a uniform supply of foreign currency. Well, in May there was a large influx of foreign currency, which is still being felt. Plus there is a certain slowdown in import growth. This leads to a decrease in our demand for foreign currency in the market, including the yuan. This is the only reason [снижения спроса]”, the expert shared.
He added that the yuan is present in sufficient quantities on the Russian market, also because many exporters receive payments from foreign buyers in yuan. “These factors determine that there is a decline: the supply of foreign currency in sufficient quantities and a decrease in interest from potential buyers, importers, first of all,” Grigoriev summed up.
The expert did not foresee a radical decrease in the value of the yuan, suggesting that the Chinese currency could not fall below 10.5 rubles.
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On Monday, June 17, the yuan on the Moscow Exchange fell below 12 rubles. The next day, June 18, it crossed the 11.5 ruble mark for the first time since June 2023, and on June 19 it fell below 11 rubles.
Earlier, Grigoriev, in a conversation with Lenta.ru, appreciated the idea of investing in the yuan against the backdrop of the cessation of trading in the dollar and euro on the Moscow Exchange. In his opinion, this is not worth doing.
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