In June, Russians’ operations with the yuan grew by 16 times. The Chinese currency trading volumes reached 5.4 bln yuan against 330 mio in May, Kommersant business daily reported quoting the Central Bank.
According to experts, interest in the yuan is growing on the back of limited access to other, more familiar instruments such as the dollar and the euro.
At the same time, economist Sergei Khestanov, Associate Professor at RANEPA, believes the current level isn’t even too high.
“This is actually modest enough. To effectively compete with the US dollar, yuan trading still has to grow by several thousand times,” the expert believes.
Displacing the dollar can take a long time, the economist added.