Belarusian Currency and Stock Exchange announces trading in Chinese yuan

"Belarusian Currency and Stock Exchange" will give its customers the opportunity to make transactions with the Chinese yuan in the trading system of the exchange.Trading on the exchange will begin on March 18 Chinese Yuan/Ruble CNY/RUB$17,770 +0,08% Buy DOLLAR/Ruble usd/RUB₽108,400 -1,54% Buy

"Belarusian Currency and Stock Exchange   " announced the imminent launch of trading in the Chinese yuan. The message of the exchange notes that trading in the Chinese yuan/Belarusian ruble (CNY/BYN_TOD) currency pair will begin on March 18.

The platform called "the development of Belarusian-Chinese relations and the growing use of national currencies in mutual trade" as the reason for opening trading in yuan.

The day before, on March 15, at a meeting with the leadership and operational staff of the state security agencies, President of Belarus ALEXANDER LUKASHENKO said that "the dollar is already slowly starting to sink."

“Because no one needs it. Especially in connection with these sanctions that have been imposed against us. Probably, we will soon fight to have an extra Russian ruble or yuan in our pockets. Because we will mainly trade with these countries,” Lukashenka explained.

From March 18, trading participants on the stock exchange in MINSK will be given the opportunity to make currency exchange transactions in the continuous double auction mode with settlements on the day of the transaction for the Chinese yuan/Belarusian ruble (CNY/BYN_TOD) currency pair. The rate will be set in Belarusian rubles for 10 Chinese yuan. Settlements in Chinese yuan following the results of the auction will be carried out through a commercial bank-resident of the Republic of Belarus.

As Andrey Aukhimenia, Chairman of the Board of the BCSE, noted, the launch of exchange trading in the Chinese yuan is one of the most important steps in creating the necessary infrastructure for converting foreign trade settlements into the national currencies of Belarus and CHINA .

"Protection against the weakening of the ruble". Is it time to buy Chinese Yuan? Currency , Investments ,  RUSSIA ,  China

Against the backdrop of sanctions, Belarus is seeking to minimize its use of the US dollar and diversify into other currencies. In particular, Belarus and Russia decided to get rid of the dollar in payments for energy resources between themselves and switch to rubles. “This is a completely natural decision. Due to well-known circumstances, there is no point in becoming attached to some third currency anymore,” said Belarusian Prime Minister Roman Golovchenko.

On the Moscow Exchange, the volume of transactions in the yuan-ruble pair tripled over the past month - from ₽1.981 billion to ₽6.31 billion. And VTB Bank launched a deposit in yuan with a rate of up to 8% per annum.

The West began to impose sanctions against Belarus in mid-2021 due to human rights violations and the forced landing of a Ryanair plane in Minsk. In particular, in December 2021, the United States prohibited American citizens and organizations from providing new loans to the Ministry of Finance and the Development Bank of Belarus (owned by the government) or buying new bonds of both state organizations for a period of more than 90 days.

Recently, measures against the country have been expanded due to Russia's support in the conflict with Ukraine. In the summer of 2021, the European Union imposed sanctions against the main EXPORT industry of Belarus - potash fertilizers. They affected half the industry. However, in March 2022, the EU announced sanctions that will further affect fertilizer exports.

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A regulated market where sellers and buyers meet, trading in various assets: stocks, bonds, currencies, futures, commodities. Everyone can become a participant in trading on the stock exchange - for this you need to open a brokerage account. Each transaction is concluded at a market price, is completed almost instantly, and is also registered and controlled. More