The Chinese currency outperformed the euro by volume of trading, but comes in second after the US dollar
The Chinese currency the yuan outperformed the euro by trading volume on the Moscow Exchange (MOEX) for the first time on record, trading data from Friday shows.
According to the data, the trading volume of the Chinese currency on Friday was 52.8 billion rubles ($908 million). The euro trading volume, meanwhile, barely exceeded 41 billion rubles ($705 million). It also was the second consecutive day when the volume of yuan trading on MOEX exceeded 50 billion rubles, while in the first half of July the yuan trading volume had averaged 30 billion rubles ($516 million) a day.
The yuan failed to overtake the US dollar, however, with Friday’s greenback trading volume reaching 124.7 billion rubles ($2.1 billion).
Analysts suggest the growth in the yuan’s trading volume on MOEX stems from banks’ devaluation actions and speculation on currency…
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