So what’s left to prop up their exchange?
‼️ The Russian “Central Bank is preparing to stop exchange trading in the yuan following the dollar and euro”
🍿t.co/I25aUztySB pic.twitter.com/hVhhOOC8pV
— Prune60 (@Prune602) June 20, 2024
The Russian currency market, already deprived of exchange trading in the dollar and the euro, may be left without the last large “live” segment – operations with the Chinese yuan.
The banks of China, on which the yuan trading depends, are likely to gradually begin to phase out cooperation with the National Clearing Center (NCC) – the “daughter” of the Moscow Exchange, where all transactions are registered, a source close to the Central Bank told Bloomberg.
Whether Chinese banks will continue to serve the NCC is still unclear, but “no rather than yes,” said Sergei Romanchuk, former Deputy Chairman of the Moscow Exchange Council. The option when there will be no exchange trading in yuan is also quite possible, agree the project manager of “Veles Capital” Valentina Savenkova and the head of the analytical department of “Rikom Trust” Oleg Abelev.
“Russia says goodbye to billions of rupees stuck in India for oil”
😂
“The stuck rupee revenue, which was estimated to be in the billions of dollars, will be invested in the Indian economy”t.co/vUo4eS6aS9 pic.twitter.com/BGrm1U7fv4
— Prune60 (@Prune602) May 10, 2024
AC