According to the latest report of the third quarter released by the Russian Central Bank, as of 20 14, 12, 3 1, the US dollar accounts for 44% of Russia's official reserves, the euro accounts for 42%, and the pound accounts for 9.2%. The remaining reserves also include a small amount of Canadian dollars, Australian dollars, Swiss francs and Japanese yen.
In fact, the intersection of RMB and ruble has a long history. 20 10 12 15, the ruble-RMB listing ceremony was held in the Moscow interbank foreign exchange exchange, and Russia became the first country to list RMB overseas. The Russian central bank can purchase foreign exchange as official reserves through the Moscow trading center.
On March 17 this year, Moscow Stock Exchange announced that the financial derivatives market of Moscow Stock Exchange started RMB/ruble futures trading. In this regard, the announcement also explained that the trading volume of RMB in Moscow Stock Exchange has increased substantially, the share of RMB and ruble exchange business in Russian foreign exchange market has increased, and the basic demand for Russian-Chinese foreign trade contract hedging business has been formed.
Data show that in 20 14, the total amount of RMB transactions in Moscow Stock Exchange increased sevenfold, reaching 395 billion rubles (48 billion yuan). At the same time, the average monthly transaction volume of 20 14 and 10 set a record, reaching 54 10/00000 yuan. In addition, in August this year, the trading volume of RMB and rubles increased by 400% year-on-year, reaching 654.38+084 billion yuan (about 654.38+0933 billion rubles). This is the largest scale of the currency pair since the end of 20 10 trading.
In addition to the actual foreign exchange demand of the two countries, geopolitical factors also make Russia constantly seek cooperation partners from the East. Since Europe and the United States imposed sanctions on Russia, its desire to "dollarize" has reached its peak since the financial crisis. Therefore, Russian enterprises began to look for new sources of borrowing funds from the beginning of 20 15, and China became the first choice.