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The Chinese system of trade in foreign currencies opened trading contracts in rubles

From December 29 on CFETS (Chinese foreign exchange trading system) began trading contracts for the Russian ruble, the New Zealand dollar and the Malaysian ringgit. In total, it is now possible to trade yuan swaps in the interbank market for 11 currencies. According to Bloomberg, the logic of this decision is to try to reduce exchange rate risks against the background of rising volatility in emerging markets.

Thus, trade in contracts for three currencies is launched against the background of China’s efforts to expand the international use of the yuan as an alternative to the US dollar. Malaysia and Russia are China's eighth and ninth largest trading partners.

The fall of the Russian ruble this month to a record low led to the sale of developing national assets, which led to a sharp increase in currency volatility. “This will provide companies with better hedging tools and at the same time make currency trading more efficient,” Bloomberg quoted an expert from HSBC in Hong Kong.

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