The problem with yuan liquidity worsened in August and September 2024. At that moment, the interest rate on the one-day repo in RMB RUSFAR CNY, indicating the cost of attracting RMB in the interbank market, began to increase rapidly. During one September trading session, its rate on the Moscow Stock Exchange was 212% per annum.
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This situation was associated with a delay in export payments due to the threat of secondary sanctions against Chinese financial institutions. Earlier, in June, US sanctions were imposed on the Moscow Stock Exchange.
Currently, the RUSFAR CNY indicator is below zero, indicating a surplus of yuan in the market. The experts interviewed by the publication also confirmed the absence of difficulties with working capital in yuan and noted the restoration of export settlement mechanisms violated by sanctions against the banking sector.
Earlier, we wrote that the Central Bank resumed the purchase of yuan under the budget rule from January 9th.
