In August 2023, RMB deposits accounted for about 1.5% of the total deposits of Russians

According to Russian Central bank data, as of the end of August 2023, RMB deposits accounted for about 1.5% of Russians’ total deposits, equivalent to 607 billion rubles.

The Sberbank representative pointed out that among the foreign currencies among Russians, the popularity of the yuan has grown the fastest: since the beginning of 2023, the amount of yuan deposits has roughly doubled and the interest rate on yuan products has increased to 3.52 percent.

VTB Bank says the share of renminbi deposits among Russians has doubled to 4 per cent of total portfolios.

The representative of the Russian bank “DOM.RF” pointed out that RMB deposits have increased three times year-on-year, and the RMB deposits of the bank “Sovcombank” have increased by 206% since the beginning of 2023.

Russian experts believe that the yuan is currently the only Russian reserve currency that does not face the risk of foreign accounts being frozen due to sanctions.

Experts predict that the interest rate on yuan deposits will continue to rise.