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BLACK HORSE

YUAN TO REPLACE DOLLAR AS RUSSIA’S MAIN FOREIGN CURRENCY – CENTRAL BANK

13 Jun, 2024 17:09 RT

THE YUAN/RUBLE EXCHANGE RATE WILL NOW SET THE TRAJECTORY FOR OTHER CURRENCY PAIRS ON THE MOSCOW EXCHANGE (MOEX), including for the euro and dollar, the Bank of Russia (CBR) announced on Thursday.

The statement comes as the latest round of US sanctions prompted the MOEX on Wednesday to SUSPEND TRADING IN DOLLARS AND EUROS. The UK followed Washington’s lead on Thursday, introducing restrictions against the Russian financial system. Transactions in US dollars and euro will continue on the over-the-counter (OTC) market.

“THE YUAN/RUBLE EXCHANGE RATE … WILL BECOME A REFERENCE POINT FOR MARKET PARTICIPANTS. The share of the yuan in Moscow Exchange trading in May was 54%,” the Bank of Russia said. “Thus, the yuan has already become the main currency in exchange trading,” it added.

According to the regulator, THE SHARE OF THE DOLLAR AND EURO IN THE RUSSIAN MARKET HAS CONSISTENTLY DECLINED OVER THE PAST TWO YEARS AS A RESULT OF THE REDIRECTION OF TRADE FLOWS TO THE EAST AND A CHANGE IN THE CURRENCY OF SETTLEMENTS TO RUBLES, YUAN AND OTHER CURRENCIES OF FRIENDLY COUNTRIES.

RUSSIA HAS ACTIVELY BEGUN TO REPLACE THE DOLLAR AND EURO IN FOREIGN TRADE AMID WESTERN SANCTIONS IMPOSED OVER THE UKRAINE CONFLICT. IT HAS SINCE DRAMATICALLY REDUCED THE NUMBER OF BANK ACCOUNTS AND TRANSACTIONS BETWEEN COMPANIES AND FINANCIAL INSTITUTIONS INVOLVING WESTERN CURRENCIES. Prior to the conflict, the share of the US dollar and euro in Russia’s settlements was around 90%.

Russian President Vladimir Putin said last week addressing a plenary session at the St Petersburg International Economic Forum that the share of payments for Russian exports in the so-called ‘toxic’ currencies of unfriendly states has decreased by half.

THE SHARE OF THE RUBLE IN RUSSIA’S FOREIGN-TRADE OPERATIONS CONTINUES TO GROW WHILE PAYMENTS IN THE CURRENCIES OF ‘UNFRIENDLY’ STATES – THOSE WHO IMPOSED SANCTIONS AGAINST RUSSIA – IS DECLINING, PUTIN STATED.

MOEX said on Thursday that the SUSPENSION OF TRADING IN DOLLAR AND EURO AFFECTS FOREIGN AND PRECIOUS METALS TRADE AS WELL AS STOCK AND MONEY TRADING ON RUSSIA’S LARGEST PUBLIC TRADING MARKETS. Except for dollars and euros, all other financial instruments remain operational. The derivatives market has also been unaffected by the changes, with trade going on as usual, it said.

MOSCOW EXCHANGE SUSPENDS TRADING IN DOLLARS AND EURO

The move has been prompted by a new round of sanctions imposed by the US, the group has claimed

12 Jun, 2024 16:38 RT

THE MOSCOW EXCHANGE (MOEX) SUSPENDED TRADING IN DOLLARS AND EUROS ON WEDNESDAY, THE MOVE HAVING BEEN PROMPTED BY A NEW SANCTIONS PACKAGE UNVEILED BY THE US TREASURY EARLIER IN THE DAY.

The suspension affects foreign and precious metals trade as well as stock and money trading on Russia’s largest public trading markets, MOEX noted in a statement. Except for dollars and euros, all other financial instruments remain operational. The derivatives market has also been unaffected by the changes, with trade going on as usual, MOEX noted.

Russia’s Central Bank elaborated on the matter in a separate statement, explaining that “transactions in the US dollar and euro will continue on the over-the-counter market.” To establish exchange rates, THE BANK OF RUSSIA WILL BE USING “BANK RECORDS AND INFORMATION FROM DIGITAL OVER-THE-COUNTER TRADING PLATFORMS,” the regulator added.

Earlier on Wednesday, the US Treasury Department rolled out a new package of restrictions against Russia, targeting the country’s “foundational financial infrastructure.” Announcing the package, Treasury Secretary Janet Yellen claimed Russia has fully transitioned into a “war economy” and is now “deeply isolated” from the international financial system. 

“Today’s actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries,” Yellen asserted.

Apart from the MOEX, the sanctions package targeted its two subsidiaries, namely the National Clearing Center (NCC) and the National Settlement Depository (NSD).

THE SUSPENSION OF DOLLAR AND EURO TRADE ON THE PLATFORM, WHICH HAS BEEN BOOMING LATELY, COMES INTO EFFECT ON THURSDAY. The MOEX reported registering all-time high private investor activity back in February, with a total of 4.1 million individuals conducting transactions on the platform. Last month, the total trade volumes across the platform’s markets measured at 126.7 trillion rubles ($1.4 trillion) compared to 94.2 trillion ($1 trillion) during the same period a year ago.

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In His Service,

Night Watchman

Paul Rolland

Night Watchman Ministries

www.nightwatchman.blog

https://nightwatchmanministries.substack.com

Make Your (7) Decision for Christ NOW!!!!!!! Time is Up!!!!!!!

Jesus Christ’s Offer of Salvation:

The ABCs (7) of Salvation through Jesus Christ (the Lamb)

1. (7) Admit/Acknowledge/Accept that you are sinner. Ask (7) God’s forgiveness and repent of your sins.

. . . “For all have sinned, and come short of the glory of God.” (Romans 3:23).

. . . “As it is written, There is none righteous, no, not one.” (Romans 3:10).

. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us.” (1 John 1:8).

B. Believe Jesus is Lord. Believe that (7) Jesus Christ is who He claimed to (7) be; that He was both fully God (7) and fully man and that we are (7) saved through His death, burial, and resurrection. (7) Put your trust in Him as your (7) only hope of salvation. Become a son (7) or daughter of God by receiving Christ. (7777777) 7×7

. . . “That whosoever believeth in him should not perish, but have eternal life. For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. For God sent not his son into the world to condemn the world; but have everlasting life. For God sent not his son into the world to condemn the world; but that the world through him might be saved. (John 3:15-17). For whosoever shall call upon the name of the Lord shall be saved.” (Romans 10:13).

C. Call upon His name, Confess (7) with your heart and with your lips (7) that Jesus is your Lord and Savior.

. . . “That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved. For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.” (Romans 10:9-10).