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Belarusian Universal Commodity Exchange to allow transactions in Chinese yuans

Photo courtesy of the Belarusian Universal Commodity Exchange

MINSK, 8 July (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) will soon allow transactions in Chinese yuans, the BUCE press service told BelTA.

According to the source, it will be possible to use Chinese yuans as part of exchange contracts, for paying exchange fees, and for making down payments. Only Belarusian and Russian rubles as well as euros and U.S. dollars can be used for these operations for now. Chinese yuans have to be added due to a considerable increase in the number of transactions that Chinese companies perform in the course of exchange trade. The introduction of Chinese yuans will simplify financial operations for Chinese companies.

The Chinese market is one of the most promising ones from the point of view of development of transboundary exchange trade, the BUCE press service noted. As many as 45 Chinese companies are accredited with BUCE. More than half of them regularly trade. Apart from that, special trade sessions to sell timber to China are held every two weeks. All the factors contribute to the rapid growth of trade with China. In H1 2021 it reached $25.6 million while the figure registered in 2020 stood at $13.4 million. This is why BUCE decided to allow transactions in Chinese yuans to increase its appeal for Chinese clients. It will make financial transactions simpler and will rule out possible foreign currency exchange risks.

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