Bank of Russia purchases $23.56 million worth of yuan on September 24
The central bank's latest foreign currency purchases on the domestic market totaled 1.9 billion rubles for settlement on September 23.
The Bank of Russia bought $23.56 million worth of Chinese yuan on September 24, according to TASS.
The purchase is part of the central bank's regular foreign currency operations on the domestic market. TASS reported that the volume of foreign currency purchases on the domestic market with settlement on September 23 totaled 1.9 billion rubles.
Part of routine currency operations
Russia's central bank regularly conducts purchases and sales of foreign currency, including the yuan, as part of its management of the ruble exchange rate and broader monetary policy, a practice that has taken on greater importance since Russia's access to Western currency markets was curtailed following the invasion of Ukraine, prompting a shift toward using the Chinese yuan in its currency operations.
The specific figures reported reflect a single day's transaction volume and settlement value rather than a change in the bank's broader currency policy.
No further commentary from the central bank accompanied the disclosed figures at the time of reporting.
Sources
- Bank of Russia buys $23.56 mln worth of yuan on September 24 — TASS (Russia)
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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