The Russian government is considering a proposal to buy the Chinese yuan for the equivalent of $3 billion to $4 billion a month, in an effort to stop the appreciation of the local currency, according to a report. Senior officials of the Russian government, central bank and commercial banks held a meeting chaired by Prime Minister Mikhail Mishustin in Moscow on the thirtieth of last August, to discuss developments in the Russian financial system.
The report noted that no decision was made during the meeting on the purchase of foreign currencies, despite discussions on the possibility of Moscow buying the currencies of friendly countries as a temporary measure to control the rise of the Russian ruble.
Russia's current account surplus more than tripled in the first seven months of this year year-on-year, hitting a record high of $166.6 billion, as oil export revenues rose and imports fell as a result of Western sanctions.
Russia fears that the ruble's strength will reduce revenues from selling basic goods abroad, prompting it to consider buying the currencies of countries such as India, China and Turkey to keep them in its sovereign wealth fund.
