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The Chinese yuan’s share on Russia’s foreign exchange market hit a record high in July, as Moscow seeks to reduce dollar reliance amid Western sanctions.
The Chinese currency was on one side of 44% of forex transactions on the Russian exchange-traded market last month, up from 39.8% in June, according to a report released by the Bank of Russia.
Russia’s exchange-traded forex market is continuing to pivot toward currencies of “friendly” countries, the central bank said.