Russia to resume forex interventions with sale of Chinese yuan

Russia said it would resume intervention with the sale of Chinese yuan on the foreign currency market from Friday as part of the budget rule mechanism, the finance ministry and Central Bank said.

“Transactions will be carried out in the currency section of the Moscow Exchange in Chinese yuan — ruble instrument with a settlement period of “tomorrow” (CNYRUB_TOM),” the finance ministry said.

It said it will allocate 54.5 billion ($798 million) roubles to sell foreign currencies between Jan. 13 and Feb. 6.

($1 = 68.6875 roubles)