On March 10, the China Foreign Exchange Trade System announced that in order to comply with the requirements of market development, with the approval of the People’s Bank of China, the China Foreign Exchange Trade Center decided to expand the floating range of the exchange rate between the RMB and the Russian ruble in the inter-bank foreign exchange market.
From March 11, 2022, the floating range of the spot transaction price of RMB against Russian ruble in the interbank foreign exchange market will be expanded from 5% to 10%, that is, the daily spot transaction price of RMB against Russian ruble in the interbank foreign exchange market can be traded in China The central parity rate of RMB against the Russian ruble announced by the Foreign Exchange Trading Center on the day floats within a range of 10%.
The reporter of “Daily Economic News” noticed that the exchange rate of RMB against the Russian ruble has risen sharply recently. On February 21, the yuan closed at 11.9700 against the Russian ruble and on March 9 at 13.6304.
The K-line trend of the RMB against the Russian ruble day Source: wind
According to the research report of the Luo Zhiheng team of Yuekai Securities, the oil and gas industry is the backbone of Russia’s economy, industry and trade.
Russia has a relatively simple industrial structure, with strong competitiveness in food, energy and raw materials, and imports of finished products.
Previous data showed that from January to September 2019, Russia’s main export commodities were mineral products, including mineral fuels, mineral oil and its products, and asphalt. During the same period, Russia’s top four major exporting countries were China, the Netherlands, Germany, and Turkey, with exports accounting for 13%, 11.2%, 6.6% and 5.2% of Russia’s total exports, respectively.
In the past few days, international oil prices have risen sharply. The settlement price of Brent crude oil futures rose continuously from $92.97/barrel on February 17 to $111.14/barrel on March 9.
Source of cover image: Every book data map
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