According to the Central Bank of the Russian Federation review of financial market risks, the Chinese yuan is playing an increasingly important role in the Russian financial market.
Last year, the volume of deposits in the Chinese currency, the yuan, doubled in Russia. In 2022, Russians held $34.2 billion in yuan in deposit accounts, compared to $68.7 billion in the past.
In the country, lending in yuan has also increased to a record level. It amounted to $46.1 billion. Over the year, the growth was 3.6 times.
In addition to this, the yuan has become more widely used in the securities industry. The volume of yuan bonds has increased.
The yuan has surpassed the dollar. Today's volume of current and urgent funds of legal entities and individuals in the Chinese currency exceeds the volume of deposits in US dollars in the Russian banking system, the regulator reports.
"Among foreign currencies, the yuan became first in terms of the volume of deposits with a share of 5.6% of all deposits, including rubles and "toxic" currencies. For "non-toxic" foreign currencies, the yuan's share exceeds 96%, that is, foreign currency deposits and current accounts in the Russian banking system have largely reoriented towards the yuan",
the Central Bank said.
