The Moscow Exchange noted a predictable decline in the share of the dollar in currency transactions. When the share of one currency decreases, it is immediately replaced by others. In this case, the yuan and the euro took the dollar’s place. There is a marked increase in their participation in currency transactions. Managing Director of the Money and Derivatives Markets at the Moscow Stock Exchange Igor Marich said that this trend takes place in Russia, where the share of transactions with other currencies is growing. Over 10 months of this year, the volume of exchange operations with the EUR/RUB pair grew by 25 percent to 51.4 trillion rubles against the same period last year.
At the same time, the volume of exchange transactions on the CNY/RUB currency pair rose to 943 billion rubles over 10 months of 2018. The indicator is 2.5 times higher than the results of the same period of 2017. The Moscow Exchange representative noted that an increase in transactions in yuan and rubles is related to a spike in foreign trade which, despite the devaluation and other factors, will reach $100 billion this year. From January to October 2018, the trade turnover between Russia and China grew by 28.2 percent compared to the same period in 2017. According to the General Administration of Customs of the People's Republic of China, the figure reached $87.24 billion.
