Yuan share hits new high both in on-exchange and over-the-counter trading
In March, the share of the yuan in the on-exchange and over-the-counter FX markets was 53% and 39.6%, respectively.
The ruble exchange rate stayed relatively stable as monetary conditions remained tight, among other reasons. The ruble was also supported by 16% month-on-month growth in net sales of foreign currency export earnings.
The yield curve of federal government bonds (OFZ) increased by 85 basis points on average in March. As the requirements for the liquidity coverage ratio are gradually restored, there is still potential for banks’ demand for OFZ.
The MOEX Russia Index gained 2.3% in March. Non-bank financial institutions and banks purchased shares for the most part, whereas individuals became the largest net sellers for the first time since November 2022.
More details are available in the new issue of the Financial Market Risks Review.