Economy, Asia - Pacific
Russian Central Bank to start selling yuan for ruble
New financial tool launched as volume of transactions between ruble and yuan continues to grow
Elena Teslova |
17.01.2023 - Update : 17.01.2023
Central Bank of Russia's building ( Sefa Karacan - Anadolu Agency )
MOSCOW
The Russian Central Bank announced on Tuesday it is launching a new instrument -- swap-deals for the sale of yuan for rubles -- as the number of transactions between the two currencies continues to grow.
The new tool, set to be implemented from Thursday, "is designed to limit the volatility of money market rates in the event of temporary imbalances," it said in a statement.
The daily maximum limit for the instrument will be 10 billion yuan ($1.48 billion), the bank said, adding that the limit could be adjusted if necessary.
