June 29 (Reuters) – The share of Chinese yuan in settlements carried out in Russia’s economy will increase, Central Bank Governor Elvira Nabiullina said on Wednesday.
Nabiullina added that there is a demand for deposits in the Chinese currency.
She added that Russia’s central bank sees room for a further rate cut and will lower interest rates as inflation slows.
On the rouble, Nabiullina said the central bank would stick to its floating exchange rate policy and that emergency currency restrictions should be lifted as soon as the situation has stabilised.
Russia has been cutting rates since an emergency hike to 20% in the immediate aftermath of Moscow’s sending armed forces into Ukraine on Feb. 24 and the Western sanctions that followed. The key rate returned to the pre-crisis level of 9.5% earlier this month.
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