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Russia May Also Lose CNY After USD/EUR

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Russia May Also Lose CNY After USD/EUR

There is a new round of panic in the Russian stock market.

Panic in the Russian stock market after the Moscow Exchange was cut off from trading in dollars and euros. The Chinese yuan may be the next.

This is reported by the Russian media, citing experts, DIALOG.UA reports.

There are very high risks that Chinese banks will refuse to cooperate with the Moscow Exchange and the National Clearing Center of the Russian Federation, which fell under Western sanctions. If this happens, the Russians will have to stop trading in the yuan.

Sergey Romanchuk, the former president of the ACI Russia public organization, which unites professional participants of the currency and money market of the Russian Federation, is extremely pessimistic.

“No, rather than yes,” he answered the question of whether Chinese banks would continue to cooperate with the Russian Federation. The expert of the Ricom-Trust Russian investment company also said about the high probability of stopping trading in the yuan.

It should be noted that the "subsidiaries" of major Chinese banks in the Russian Federation, reacting to the sanctions, have already stopped settlements in dollars and euros. This was a heavy blow to the trade turnover between Moscow and Beijing.

It is worth clarifying that the sanctions against the MOEX led to an acute shortage of yuan in the Russian Federation. On June 13, Russian banks, having lost the opportunity to buy dollars and euros, requested a record volume of loans in yuan from the Central Bank - more than 14 billion (about 174 billion rubles).

Players resorted to such measures in order to be able to withdraw funds to the accounts of Chinese banks. The Central Bank was forced to introduce limits on operations.

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