Bank of Russia restarts open FX trading to support ruble
Ruble will trade openly against yuan as Russian dependence on Chinese markets appears to grow
The Bank of Russia will restart open market foreign exchange operations to support the ruble’s value against the Chinese yuan, it announced today (January 11).
The central bank said open trading would begin on January 13, with a one-day settlement term. It said it would buy and sell FX on the market in order to minimise the effect that trading had on the ruble’s exchange rate volatility.
Several observers said the move reflects Russia’s growing dependence on Chinese purchases of its oil
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