MOSCOW, July 7 (Xinhua) -- The Moscow Exchange traded more yuan than U.S. dollar for rubles in spot and forward markets in June, Russia's Kommersant newspaper reported Thursday.
According to the report, yuan took over 41.5 percent of the trades while the U.S. dollar fell below 40 percent, with euro trailing under 20 percent.
On July 5, the Chinese yuan's share reached nearly 46 percent, beating the dollar's 34.4 percent and the euro's 17.6 percent.
The yuan has been gaining on the exchange since last year, but lagging behind the dollar and the euro in the over-the-counter market, in interbank and non-financial transactions. In May, the yuan's volume was 30.9 billion dollars, while the dollar's and euro's reached 61.5 billion dollars and 38.5 billion dollars, respectively.
Analysts predicted that the yuan's trading will keep rising in both markets. Egor Zhilnikov, Promsvyazbank chief analyst, said he expects the yuan's share in exchange trades to grow to 50-60 percent in one to two years. However, he said the dollar will still lead in over-the-counter transactions, though the yuan may surpass the euro by 2024. ■
