Ministry of Finance of Russia intends to issue bonds in Chinese yuan on Moscow Stock Exchange. The words of the Deputy Minister of Finance of Russia Timur Maksimov are quoted by TASS. According to him, this project is currently at the stage of active working out.
“We want to do this. We really see that the local yuan market has grown a lot. We really have this project in active development, it had different stages, but for the deal to take place, it must make sense for all participants,” Maximov said.
According to him, there are two models that will help to implement the issuance of bonds in Chinese currency.
“There are two models of how this can be done. The maximum plan is to do beautifully, correctly, opening this circuit not only for us, but for the whole market, and the minimum program – just to transfer free yuan liquidity to the budget accounts. But then we need to decide why we’re doing it,” concluded Maximov.
On September 8, Head of Ministry of Finance Anton Siluanov said that it would be more reasonable to store Russian reserves in gold and yuan. Another option for holding assets is the currency of “friendly” countries. And it would be better to refuse from using dollars and euros – the world’s leading reserve currencies have become a risky tool in connection with international sanctions.