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The use of yuans in settlements is hampered by restricted access to the market of “domestic” yuans, which can be used only in short-term trade operations. Due to these restrictions Russian banks cannot hold yuans earned from exporters for longer periods. In 2006, Russia lifted all restrictions on capital movements, thus making its rouble a convertible currency.
Moiseyev said that possible breaks had been discussed at the Beijing negotiations.
“The potential (in case these restrictions are canceled) is colossal. I think that up to 50% of trade can be transferred to national currencies,” he said. “I think it will be realistic in principle.”
Moiseyev also said that China had a plan of the currency liberalization, so the two country’s transition to the use of national currencies in bilateral trade would depend on the implementation of this plan.
“We will try to push them to speed up but in the long run it will depend on how soon they realize their roadmap,” he said.
Yuan-rouble trading started at the Moscow and Shanghai Stock Exchanges in December 2010. In 2013, this trade grew by 3.5 times on the previous year to exceed $100 billion.