The Ruble Is Stumbling as Yuan Trading Volumes Soar to Record

The war in Ukraine has accelerated Russia’s pivot east and sent local demand for China’s yuan surging, helping tame a four-month ruble rally that’s piled pressure on companies and the budget.

Daily trading volumes in the yuan-ruble pair are on track to almost double this week compared with last, hitting an all-time daily high of 7.82 billion yuan ($1.16 billion) on Wednesday, according to Moscow Exchange data. Volumes for the yuan-ruble currency pair are now higher than for the euro-ruble pair, the figures show. The ruble is the worst performer against the dollar among emerging markets this month.