The Central Bank of Russia starts a currency swap to save Chinese yuan
The Central Bank of Russia intends to launch a new currency exchange, as of January 19, to provide the Chinese yuan to banks.
The Central Bank of Russia has set a maximum of 10 billion yuan for the amounts it can change if necessary, as it will sell the yuan for the Russian ruble, with the possibility of buying back within one day.
The Shanghai interbank overnight rate plus 250 basis points will be used to calculate interest on the yuan, while the Central Bank of Russia base rate minus 100 basis points will be used to calculate interest on the ruble.
