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Russian central bank launches Chinese yuan swap instrument

Reuters
Illustration picture of China's yuan and Russia's rouble banknotes

(Reuters) - Russia's central bank said on Tuesday that it was launching a new Chinese yuan currency swap instrument as the volume of transactions between the rouble and yuan continues to grow.

The daily maximum volume for the instrument will be set at 10 billion yuan ($1.48 billion), it said.

"The new instrument is designed to limit the volatility of money market rates in the event of temporary imbalances," the Bank of Russia said. ($1 = 6.78 Chinese yuan)

(Reporting by Reuters; Editing by Kevin Liffey)