29.05.2013 16:59

New trading record on the Moscow Exchange's FX market

On May 28, 2013 an all-time trading record on the currency pair Chinese yuan/Russian ruble was set on the Moscow Exchange's FX market.

By the end of the trading day the CNY/RUB FX trades volume amounted to CNY34.4 million or RUB176.4 million reaching its highest value since the launch of trading in the Chinese yuan in late 2010.

On May 28 the market participants executed trades in all instruments on the CNY/RUB currency pair: spot trading volume totaled CNY14.2 million (RUB72.9 million) and swaps — CNY19.5 million (RUB99.9 million). 15 banks traded the yuan while the volume leaders were Bank of China (ELUOSI), ICBC (Moscow), HSBC Bank (RR) My Bank and regional banks JSCB "Primorye", Bank "Levoberezhny", JSC "Krayinvestbank" and Primsotsbank.

The record was driven by the alignment of trading conditions for the yuan with the major currency pairs of the Exchange's market (USD/RUB and EUR/RUB) that took place on April 15, 2013. The Exchange introduced partial depositing of funds and collateral in the yuan, launched TOM instruments and swap trades, extended trading hours and reduced fees.

In the 1st quarter of this year trading volume in the yuan increased by 40% compared to the same period last year. The April's innovations predetermined the subsequent intensification of trading activity. Average daily trading volume in the yuan was up twofold and exceeded CNY22 million per day in May.

Igor Marich, Managing Director of the Money Market at the Moscow Exchange, believes that the yuan trading is an important area of the Moscow Exchange's markets future development. "Considering the size of the China's economy, dynamics of the yuan utilization globally and a profile of the cooperation between Russia and China, the yuan has good prospects on the Moscow Exchange. Development of the trading in instruments on the currency pair CNY/RUB will facilitate deeper liquidity for participants of the foreign economic activities in cross-border settlement in the national currencies under Russian-Chinese contracts. The growth of the yuan trading volume makes the Exchange's FX market more diverse. The Moscow Exchange plans to launch long-tenor CNY/RUB FX swaps with maturity ranging from 1 week to 6 months as well as yuan futures on its derivatives market later on."

Detailed information is available on the Moscow Exchange's website.

For reference:

The yuan trading was launched on the exchange's market on December 15, 2010. The Exchange became the first regulated market for the yuan outside China. Over 85 banks have traded the currency since the launch of the trading, out of which 5 have been market makers. In 2012 trading volume in the yuan on the Moscow Exchange grew by over 70% reaching RUB7.7 billion.

For further information, please contact the Public Relations Department at (495) 363-3232.

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