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Бизнес

Yuan restricted in maneuvers

Brokers have begun to restrict the movement of yuan, BCS was the first to announce this. Since August 13, the company has been suspending the input and output of Chinese currency from brokerage to bank accounts. The organization explained its decision by the complication of settlements between traders and the increase in the time for conducting transactions. At the same time, clients can still buy and sell yuan on the exchange «if necessary.»

What could be the reason for the restrictions? Economist and author of the project «Chinese Threat» Nikita Mitrofanov believes that the broker was forced to impose a ban due to the actions of counterparties from China: «Why can such mechanisms be used, even if virtual dollars, euros, yuan are brought to Russia? In fact, any currency is accounted for in the country that issued it. That is, if I have $1 in a hypothetical Gazprombank, then in fact it is accounted for in the counterparty bank in the USA. The same story with China. And because financial institutions are starting to somehow wriggle out of these transactions with the Russian side, they can declare that they will block, freeze the movement of yuan within their own country.

In this case, you will not be able to actually move them. That is, of course, there will remain the possibility of exchanging some quasi-documents that such and such a Chinese bank has 1 thousand yuan, which are exchanged for such and such a receipt. But this will only complicate the process of trading and accounting. No one will do this.

Here we also need to remember that regional banks, for example, second- and third-tier banks in China, have stopped working normally with Russian transactions, although, it would seem, their activities are limited strictly to China. But even they are afraid of the possibility of falling under secondary sanctions.»

Chinese banks began to tighten their policy towards their Russian partners back in July 2024, the media reported. Then credit institutions began to refuse to operate with so-called dirty yuan purchased on sanctioned platforms. At the same time, financial companies from China could stop selling currency to the Moscow Exchange or some domestic banks, experts suggested. Against the backdrop of problems with settlements in the Russian Federation, a shortage of yuan liquidity arose, Vedomosti wrote in early August. In addition, analysts noted difficulties with converting the Chinese currency and attracting it — interest rates on loans rose to 20% per annum, although they usually rarely rose above 10%.

If the situation does not improve, restrictions will also affect exchange trading, independent financial expert Andrey Barkhota is sure: “I think that a complete ban on exchange trading in the yuan will probably not happen, but they will probably switch to some kind of semi-over-the-counter circuit, in which some kind of property qualification will appear. That is, it will be impossible for an ordinary citizen, an individual, an investor to come to the exchange and buy Chinese currency.

Most likely, this will only be available to exporters, importers and large legal entities or institutional investors. This is still a very important channel for foreign economic activity, and putting it at risk because of brokerage operations is probably inappropriate.

Therefore, the Bank of Russia will design some kind of scheme that will limit access for retail players. It is possible that the situation of 2022-2023 will repeat itself: the brokerage account will be in yuan, but, in fact, these positions can only be closed and settlement can be received in rubles.»

Raiffeisen Investments has already introduced similar restrictions. Since August 9, the company has stopped accepting orders from retail investors to conclude transactions in yuan. In addition, the broker has prohibited their sale and purchase with settlements in Chinese currency.

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