Share of yuan in on-exchange trading hits new high in March
The proportion of the CNY/RUB currency pair reached 39% in on-exchange trading, whereas that of the USD/RUB pair contracted to its multi-year minimum of 34%.
The MOEX Index added 8.8% as of the end of March, returning to the level recorded before its decline in September 2022. Russian companies’ shares hit new local highs, driven by positive financial statements.
The Bank of Russia assessed the potential sensitivity of the Russian banking system to growth in bond yields. Overall, credit institutions are resilient to an increase in interest rates, even in the case of revaluation of the securities portfolio held to maturity. Furthermore, the Bank of Russia can provide additional liquidity if needed.
More details are available in the new issue of the Financial Market Risks Review.