For years, Russia is trying to “Dedollarisierung” of its economy, reducing dependence on the American currency. In trade relations, the progress is slow, since the majority of Russia’s major Oil and Gas is traditionally conducted in dollars. So the Ministry of Finance and the Central Bank will try to, at least, the financial reserves of the country increased in other currencies to invest in the Euro and the Chinese Renminbi (Yuan).
Katharina Wagner
Economics correspondent for Russia and the CIS headquartered in Moscow.
F. A. Z.
China, which has no criticism of the aggressive Russian domestic and foreign policy, Russia is the partner of choice. Will now also appear on the Moscow stock exchange by leaves of this month in the currency and derivatives trading, three hours earlier, as early as seven o’clock in the morning, begin to extend the joint working with the East of nearby countries and investors from Asia to attract.
so Far, the trade, the Renminbi plays in comparison to the Dollar on the Moscow stock exchange, only a minor role. Other Attempts, the Chinese market to tap into, have failed so far – such as, for example, the “Panda” Bonds bonds of foreign issuers, which will be launched on the Chinese market and the Renminbi. From Russia just a big group, the aluminium producer Rusal has, so far, such a title is issued.
American securities on the Moscow stock exchange
On the Russian stock market is currently in a development that runs counter to the “Dedollarisierungs”-efforts by the government: Because of the increasing interest of many investors to foreign, particularly American securities, the Moscow stock exchange since August of last year, now – including the major American Internet companies, but also of the pharmaceutical company Pfizer, or the fast-food chain McDonald’s. been traded foreign stocks were only on the stock exchange in Saint Petersburg.
According to the Russian national Association of shareholders, the share of foreign equity invested in the amount of 3.5 percent in 2019 grew at 13.3 percent in the past year. According to analysts, this has to do with the success of the American stock market, on the other hand, in years of monetary instability-grown Tradition of savings in dollars to create. This Trend is likely to continue, as more and more small streams investors in the stock market: last year, nearly five million new investors accounts were opened on the Moscow stock exchange and, therefore, more than in all the previous years put together.
The power of the accessibility of Broker-Apps, which are very popular in Russia, the other to the historically low interest rate of 4.25 percent, the Bank accounts increasingly unattractive. In the stock market, earn more: The in ruble-denominated Moex Index rose last year by nearly 8 percent, despite the pandemic and decline of the Russian economy, to 3.1 percent. Because of the strong devaluation of the ruble in us dollars calculated counterpart, the RTS Index lost, although 2020 is a good 10 percent since the beginning of December, he rose again to more than 6 percent. The Moex Index broke through in January, even for the first time, for a short time, the brand of 3500 points.
