Russia to resume forex interventions

The Bank of Russia will resume intervention with the sale of Chinese yuan on the foreign currency market starting Friday, as part of a budget rule mechanism, the regulator and the finance ministry each stated separately on Wednesday.

According to the Central Bank, foreign currency will be bought or sold on the market evenly during each trading day of the month in order to minimize the impact of these operations on the dynamics of the exchange rate.

“Transactions will be carried out in the currency section of the Moscow Exchange in a Chinese yuan-ruble instrument with a settlement period of 'tomorrow',” the regulator added.