The Bank of Russia has announced changes to the parameters of its foreign exchange swaps involving the Chinese yuan and Russian ruble. Starting from October 28, 2024, the interest rates for CNY/RUB sell/buy FX swaps will be determined using the Bank of Russia's key rate.
For transactions involving the yuan, swap points will be calculated based on this key rate. Similarly, for rubles, swap points will also use the same rate as a basis for calculation.
The decision to implement these changes considers current price trends in the FX swap segment. The primary aim is to minimize any impact that transactions by the Bank of Russia might have on market pricing.
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