Russia's MICEX starts ruble-yuan trading
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Russia's Moscow Interbank Currency Exchange (MICEX) on Wednesday officially launched ruble-yuan trading.
In the first five minutes of the one-hour trading that started on 10:00 a.m. local time (0700 GMT), the exchange rate was 46.34 rubles to 10 yuan.
Eleven deals traded worth a total of 986,000 Chinese yuan (around 148,000 U.S. dollars).
Banks from both Russia and China, including My Bank, VTB, Vostochny Bank, the Bank of China and China's ICBC were market makers, while more than 30 others banks, mainly from Russia's Siberia and Far East, have demonstrated interest in participating in the trading.
Chinese Ambassador to Russia Li Hui, Vice Chairman of Russia's Central Bank Victor Melnikov and other representatives attended the launching ceremony.
Yuan-ruble trading began in November in China's Shanghai Stock Exchange.
Olga Samorukova, general director of Pioneer Investments Russia, told Xinhua in a recent interview that Russia had been working to transition to payments in rubles on the international market and cited the mutual direct trading between the ruble and yuan as an example.
Hailing China as "one of the most significant trade partners of Russia," Samorukova said, "The direct convertibility must be a strong stimulus to develop mutual trade."
The long-term objective for the Russian government was to "make the ruble an international reserve currency," and a short-term target was to "make the ruble a regional anchor currency," she said.
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