News: 2024.03.30
The Central Bank of Russia pointed out in the latest "2023 Annual Report" that RMB has become the only and best choice for foreign exchange reserves. The central bank said that many currencies of friendly countries present too many risks, such as highly volatile exchange rates, low market liquidity, and even restrictions on capital flows, which pose challenges to their use.
The Russian Central Bank's favor for the RMB mainly comes from its stability and reliability. The RMB's status in international trade continues to increase and it has become the preferred payment currency in many countries. In addition, the RMB's exchange rate fluctuations are relatively small, market liquidity is high, and capital flows are relatively free, which makes the RMB an ideal choice for foreign exchange reserves.
In order to further enhance the diversity and stability of foreign exchange reserves, the Russian Central Bank has begun to accelerate the allocation of RMB reserves. The central bank stated that it will gradually increase the proportion of RMB in foreign exchange reserves to cope with risks caused by global economic uncertainty.
With the measures taken by the Russian Central Bank, the internationalization process of the RMB will also be accelerated. The RMB's status in international trade and investment will be further enhanced, making greater contributions to the stability and development of the global financial system.
The Russian Central Bank's high evaluation of the RMB not only reflects the important status of the RMB in the international financial market, but also injects new impetus into China's financial reform and opening up. It is believed that with the joint efforts of both parties, the RMB will play a more important role on the global stage.