Russian banks faced a shortage of yuan after stopping trading in the dollar and euro

Sanctions against the Moscow Exchange, as a result of which exchange trading in dollars and euros stopped, caused a shortage of Chinese yuan in the Russian interbank market.

On Thursday, June 13, banks applied to the Central Bank for a record volume of yuan loans in history, according to the regulator's statistics. As part of the currency swap operations, credit institutions borrowed 14.234 billion yuan (174.24 billion rubles) from the Central Bank.

Demand for yuan from the Central Bank arose for the first time since the beginning of the month. In response, the regulator decided to expand the limits on swap transactions, within which it lends the Chinese currency against the pledge of rubles. From Friday, June 14, their maximum volume will be 20 billion yuan per day.

The shortage of the Chinese currency was due to the fact that many market participants began to withdraw yuan to accounts in branches of Chinese banks.

Fears arose in the market that following the dollar and the euro, the Moscow Exchange may be forced to stop trading in the Chinese currency. Experts deem it unlikely that Chinese banks will continue to work with the exchange and the National Clearing Center after the trading platform and its structures fell under US sanctions. Or as option, there will be no exchange trading in the yuan.

Subsidiaries of large Chinese banks in russia stopped on Thursday already settlements in dollars and euros.

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