OREANDA-NEWS. December 31, 2010. Today, the MICEX has held the formal ceremony of launching trading in the CNY/RUR currency pair.

The MICEX is the first organized market for the yuan outside China. At the initial stage of the project trading in the new currency pair are held with valuation date on the day of trading T plus 0 (instrument CNYRUB_TOD) and on the terms of 100% advance deposition of funds. Trading is held from 10:00 to 11:00 Moscow time. Settlements will be effected by the National Clearing Centre, a member of the MICEX Group, via accounts in yuans opened with resident banks of the Russian Federation. Market makers provide initial liquidity in the new segment of the MICEX on-exchange foreign exchange market.

According to Vice-President Igor Marich, the Exchange views forex transactions in the Chinese yuan as very important for further development of Russian financial market. “We see the interest of banks in the new currency instrument”, he said.

Later, the MICEX will consider the possibility of waving the 100% advance deposition of funds and creating the CNY/RUR currency pair instrument with valuation date T plus 1.

As a result of the first trading day 29 transactions totaling 4 million 915 thousand yuans (22 million 778 thousand rubles) were concluded on the Exchange. The average weighted rate was 46.3445 rubles for 10 yuans.

The first transaction worth 168 thousand yuans was conducted by Commercial and Industrial Bank of China.

The Bank of China (ELOS) and Moi Bank conducted 5 transactions totaling 1.5 million yuans.