Russian rouble rebounds vs yuan after falling to lowest since April
MOSCOW, Sept 5 (Reuters) -The Russian rouble rebounded against China's yuan on Thursday after falling by more than 5% in the previous day's trade amid a liquidity squeeze and a plan for a drastic reduction of daily yuan sales by the central bank.
At 0820 GMT, the rouble strengthened by 1.8% to 12.46 against the yuan on the Moscow Stock Exchange (MOEX). The rouble RUB= was down 2.0% at 89.25 to the dollar, LSEG data showed.
The rouble fell on Wednesday to its lowest level against the yuan since April 19 after the new outlook for forex interventions suggested that the central bank would cut its sales of the Chinese currency to 0.2 billion per day from Sept. 6 from 7.28 billion currently.
Trading in major currencies in Russia has shifted to the over-the-counter (OTC) market, obscuring price data, since Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, were introduced on June 12.
Trade in yuan on the OTC market was more balanced, with the rouble significantly stronger than on MOEX at 12.21.
The spreads between yuan rates in the OTC market and the stock exchange have been volatile in recent weeks, reflecting ongoing problems in international transactions with the Chinese currency that have hampered trade between the two countries.
Russia's largest lender, Sberbank, said on Sept. 4 that the yuan liquidity shortage in the market had worsened in recent days but that the central bank had the situation under control.
One trader, who declined to be identified, said exporting companies which borrowed in yuan in order to carry out mandatory sales of foreign currency, as required by law, were facing international payment delays, creating a liquidity squeeze.
One-day rouble-dollar futures, which trade on the Moscow Exchange and are a guide for OTC market rates, were up 0.1% at 88.86. The central bank's official exchange rate, which it calculates using OTC data, was set at 88.93 to the dollar.
The rouble was 0.1% stronger at 97.81 against the euro EURRUB=, LSEG data showed.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.3% at $72.93 after plunging to multi-month lows previously as major producers may delay an output increase planned for next month.
Reporting by Gleb Bryanski
Editing by Gareth Jones
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