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Yuan Surpasses Dollar as Most Traded Currency in Russia

RUSSIA
  • China’s yuan has replaced the US dollar as the most traded currency in Russia, Bloomberg report. The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, according to data compiled by Bloomberg. The Finance Ministry converted its market operations to the yuan instead of the dollar earlier this year and developed a new structure for the national wealth fund to hold 60% of its assets in yuan.
  • President Putin approved a RUB 94.8bln transfer to Shell for its share in Sakhalin-2 project, Kommersant reports citing sources familiar with Novatek proposal and Putin’s resolution.
  • President Putin will discuss Russia’s industrial development at an online meeting of the State Council board while Foreign Minister Lavrov takes part in a presentation on the investment potential of Russia’s Kamchatka region, according to Interfax.
  • There are no major data releases scheduled today.
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