Belarusian Currency and Stock Exchange to start trading in Chinese yuan on March 18

March 16, BPN. The Belarusian Currency and Stock Exchange will start trading in Chinese yuans on March 18, the National Bank has announced.

The move is intended “to improve the use of national currencies in foreign economic transactions by reducing costs for foreign exchange market participants.” 

Trading in the CNY/BYN currency pair will be similar to trading in the major currencies included in the foreign currency basket (US dollar, euro and Russian ruble), i.e. in a non-stop double auction mode with settlements on the day of the transaction.

The decision to start trading in Chinese yuans
was made amid unprecedented Western sanctions related to Belarus’ role in
Russia’s invasion of Ukraine.