Russia on Wednesday started trading the Chinese yuan against the ruble as Moscow and Beijing seek to challenge the dollar and promote the use of national currencies. China and Russia, which both seek to promote their national currencies world-wide, have repeatedly called for a revamp of the global financial system in the wake of the economic crisis, saying there is a need for a new supra-national currency besides the dollar.
Moscow-based Micex exchange, that launched the trading, recorded 29 transactions worth 4.92 million yuan, or 22.78 million rubles (742,000 dollars) by the end of an hour-long trading session. "We see an interest from banks in a new currency instrument," Igor Marich, the exchange's vice-president was quoted as saying in a statement.
Micex does not expect large volumes of trade for now and trading sessions are scheduled to take place between 0700 and 0800 GMT on weekdays. China conducted the first yuan trade with the Russian ruble last month.
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