Investing.com - Financial Markets Worldwide

Russia to increase Chinese yuan sales by 17% from Feb. 7

Published 05/02/2025, 11:50
© Reuters
Chinese Yuan Russian Ruble
0.91%

Investing.com -- Russia announced on Wednesday that it plans to increase its sales of Chinese yuan by 17% starting from Feb. 7.

This move is perceived as an effort to support the rouble amidst heightened volatility due to Western sanctions and global forex market fluctuations.

In addition, the finance ministry stated that it would reduce its acquisitions of foreign currency and gold in the upcoming month.

This decision is expected to augment the state’s total forex sales, thereby bolstering the rouble.

The ministry further detailed that its purchases of foreign currencies and gold, spanning from Feb. 7 to March 6, would equate to approximately 66.5 billion roubles, or about 3.3 billion roubles per day.

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