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Russian rouble hits strongest level vs yuan since early 2023

Russian rouble strengthens to its highest level against Chinese yuan since February 2023, also crossing 72 against US dollar.

Lucas Garcia
ByLucas Garcia- Senior Editor
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The Russian rouble reached its strongest level against China's yuan since February 2023, trading at 10.45 on the Moscow Exchange. The yuan is now Russia's most traded foreign currency.

The rouble also crossed the stronger side of 72 against the US dollar for the first time since March 2023.

Kremlin foreign policy aide Yuri Ushakov said nearly all payments in the $240 billion Russia-China trade are now made in yuan and rouble.

The rouble's strength comes ahead of President Vladimir Putin's visit to China, where new energy deals, including the Power of Siberia 2 gas pipeline, are expected to be discussed.

The currency is supported by high oil prices from the Middle East conflict and a 30-day extension of US sanctions waiver for Russian oil.

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