Chinese yuan trading volume up 60% in September on Moscow Exchange

Traders continue to show greater interest in the CNY/RUB currency pair, underlined by increased trading volumes.

In September total CNY/RUB trading volume increased 60% month-on-month to CNY 7 bln (RUB 43.3 bln), a record monthly figure. The average daily trading volume in September also set a record at CNY 331.3 mln. One hundred and thirty members have executed yuan trades this year.

The yuan trading volume was CNY 834 mln (RUB 5.3 bln) on 29 September, a record since trading in the currency was launched in late 2010.

"The increase in yuan liquidity is due to the rise of client demand for yuan transactions and innovations introduced for the CNY/RUB pair in 2013, such as the introduction of partial pre-depositing of assets to replace the full collateral requirement, the inclusion of the yuan on the list of currencies eligible as collateral, the introduction of instruments with tomorrow settlement, swaps with 6M maturity, and an extension of trading hours. Our efforts together with increased interest from clients in using yuan for settlement with Chinese counterparties have resulted in greater demand for the currency on Moscow Exchange"s FX Market," said Moscow Exchange Money Market Managing Director Igor Marich.

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