Russian Ruble Hits Over 3-Year High Against Yuan Ahead of Putin's China Visit
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The Russian ruble, which has been strengthening recently, rose today against the Chinese yuan to its highest level since February 2023. The yuan is the most traded foreign currency in Russia, and Russian President Vladimir Putin is scheduled to arrive in China tonight to negotiate new business deals. In addition to anticipation of the visit, the ruble is supported by high oil prices from the Middle East conflict and a surprise 30-day extension of a US sanctions waiver on Russian oil. Russia and China now conduct nearly all trade in their local currencies to bypass Western sanctions.