Moscow Stock Exchange and the China Futures Exchange sign memorandum of understanding - Stock Exchange delegation

MOSCOW, July 23. / TASS / The Moscow Stock Exchange and China Financial Futures Exchange (CFFEX) have signed a memorandum of understanding, during the Central Bank of Russia and the Moscow Stock Exchange delegation working visit to China, the exchange said in a statement on Thursday. According to the Chairman of the Moscow Stock Exchange Alexander Afanasyev, cooperation with Chinese counterparts is very important due to the development of trade relations between Russia and China. "More and more mutual payments between countries are carried out in national currencies. Focusing on the interests of customers, in March, we began to trade futures on the ruble-yuan pair, and today, this tool is one of the most promising currency derivatives traded on the Moscow stock exchange," Afanasyev said. The yuan-ruble currency pair is one of the fastest growing products of the Moscow Exchange. During the first half of 2015 the volume of trading for the yuan-ruble pair increased by 130% the average daily volume amounted to 1.6 billion rubles ($28 mln). The liquidity of China's currency market provides for 8 market makers, and over 130 banks brokerage firms take part in market transactions. At the end of 2014, the list of traded currencies on the Moscow Stock Exchange added Hong Kong dollars. As previously reported, in 2014 the Moscow Stock Exchange signed a cooperation agreement with Bank of China, and in July of 2015, it signed an agreement with the Industrial and Commercial Bank of China to develop programs that will allow Russian and Chinese investors to get a wider range of financial instruments, denominated in rubles and yuan. Read more