Business and household accounts in yuan exceed those in US dollars in 2023
At the end of 2023, business and household funds in CNY-denominated accounts with Russian banks totalled the equivalent of $68.7 billion compared to $64.7 billion in USD-denominated accounts.
Corporate lending in yuan increased 3.6 times to the equivalent of $46.1 billion as of the end of 2023. This was due to the conversion of loans previously issued in ‘toxic’ currencies. Moreover, exporters showed higher appetite for loans in yuan amid high interest rates on loans in rubles.
In January 2024, the share of the yuan in on-exchange FX trading exceeded 50% for the first time.
In 2023, companies resumed initial public offerings after the crisis year of 2022: eight issuers placed their securities on the exchange.
MOEX Russia Index rose by 3.9% in January. Households remained the major participants in trading with the share of 75%.
Further details are available in the new issue of the Financial Market Risks Review.