MOSCOW
The Russian Central Bank announced on Tuesday it is launching a new instrument — swap-deals for the sale of yuan for rubles — as the number of transactions between the two currencies continues to grow.
The new tool, set to be implemented from Thursday, “is designed to limit the volatility of money market rates in the event of temporary imbalances,” it said in a statement.
The daily maximum limit for the instrument will be 10 billion yuan ($1.48 billion), the bank said, adding that the limit could be adjusted if necessary.
