Russian Central Bank Or The Renminbi Into The Official Reserve Currency

The central bank has recently incorporated Renminbi into the official reserve currency, but the bank has not yet bought the renminbi.

In addition, the decision was made in mid November.

However, the above said that the proportion of Renminbi in Russia's foreign exchange reserves in the future may be smaller.

According to the latest third quarter report released by the Central Bank of Russia, as of December 31, 2014, the US dollar accounted for 44% of Russia's official reserves, and the euro accounted for 42% and the pound was 9.2%.

The remaining reserves include a small amount of Canadian dollar, Australian dollar, Swiss franc and Japanese yen.

In fact, the intersection of RMB and ruble has a long history.

In December 15, 2010, the ruble Renminbi trading ceremony was held in Moscow's interbank foreign exchange exchange. Russia became the first country in which RMB was traded overseas.

The Russian central bank can buy through the Moscow trading center.

As official reserve.

In March 17th this year, the Moscow Exchange announced that the financial derivatives market of the Moscow stock exchange had launched RMB / ruble futures trading.

In this regard, the announcement also explained that the volume of Renminbi trading in the Moscow exchange increased substantially, the share of Renminbi and ruble's exchange business increased in Russia's foreign exchange market, and the basic demand for hedge business in Sino Russian foreign trade contracts was formed.

Data show that in 2014, the total volume of RMB pactions in the Moscow stock exchange increased 7 times to 395 billion rubles (48 billion yuan).

Meanwhile, the average paction volume recorded a record of 541 million yuan in October 2014.

In addition, the volume of RMB and rouble pactions increased 400% in August to 18 billion 400 million yuan (193 billion 300 million roubles).

This is the largest currency ever since the end of 2010.

In addition to the reality of the two countries

Demand and geopolitical factors also make Russia keep seeking partners from the East.

Since Europe and the United States imposed sanctions on Russia, its desire for "de dollarization" has reached its peak since the financial crisis.

Therefore, Russian enterprises began to search for new sources of loan capital since the beginning of 2015, and China has become the first choice.

"Lagarde will make comments (video), and after the seminar, she will brief 1~2 media questions at IMF headquarters.

IMF will issue a reminder message. It may also issue a press release at the time of Lagarde's speech, and set a embargo.

At the end of Lagarde's speech, we will publish some more technical content, that is, the opinions of the core IMF directors on the SDR assessment.

The above press officer said.

In fact, the market is generally expected that the RMB entering SDR or has been confirmed.

In a statement issued in November 14th, IMF said, "IMF staff have assessed that the renminbi is in line with the requirement of" freely available "currency. Therefore, the staff suggested that the Executive Board decided that the renminbi could be freely used and that it should be included in the SDR basket in addition to the fifth currencies except sterling, euro, yen and US dollar.

The staff also considered that all the outstanding operational problems pointed out in the preliminary analysis submitted by the staff to the executive board in July this year have been resolved in China.

In response to the issue of non-uniform exchange rate, China introduced the reform of the RMB intermediate price exchange rate system in August 11th, and the intervention measures adopted by the Central Bank of China subsequently made the middle market price and the market price in the onshore market converge.

Targeting RMB

Since October 9th, the Ministry of finance has launched a 3 month discount bond on weekly basis.

With regard to the lack of hedging tools for Renminbi exposure, the Central Bank of China announced that it would allow foreign central banks, sovereign wealth funds and international financial institutions to enter the domestic inter-bank bond market (July 14th) and the interbank foreign exchange market (September 30th) by registration system.

In addition, at the end of September, China released its official foreign exchange data for the first time to IMF, becoming one of the 96 countries to disclose quarterly data, thus greatly enhancing pparency.

In October, China announced the adoption of IMF data special standard (SDDS).

According to the statistics of the Central Bank of Russia, China ranks first in the ranking of loans from Russian enterprises, and China has become one of the three most attractive countries to Russian enterprises, and the other two are Luxemburg and Japan.

During the peak period of the first quarter, Russian enterprises attracted $13 billion 160 million from China, which was significantly higher than the US $32 million in the same period last year.

Loans from China are mainly Russian oil companies and Russian Gas Industry Company, which account for 90% of the total loan amount.