The clearing operations of CJSC JSCB National Clearing Centre in the Chinese yuan / Russian rouble (CNY/RUB) currency pair will be conducted in connection with the launch of trading in the new instrument in the MICEX currency exchange market, scheduled for 15 December 2010.
The project involving organization by MICEX Group of currency market trading in the Chinese yuan / Russian rouble (CNY/RUB) currency pair has been implemented in accordance with the previously approved resolution of the Financial Cooperation Subcommittee of the Russian-Chinese Commission for preparation of regular meetings of heads of the governments.
The purpose of this Project is to expand the range of instruments available in the MICEX currency exchange market for the purpose of maintaining liquidity in Russian roubles and Chinese yuan for the participants of foreign trade operations during transborder settlements under the Russian-Chinese contracts in national currencies of both countries, as well as to set up an arrangement to determine the rate of Chinese yuan against Russian rouble.
To implement the Project, on 14 October 2010, the Supervisory Board of CJSC JSCB National Clearing Centre (hereinafter referred to as the “NCC”) adopted a resolution (Minutes No. 4) to approve the Amendments and Supplements No. 6 to the Rules for Performance of Clearing Operations by the Joint–Stock Commercial Bank “National Clearing Centre” (Closed Joint-Stock Company) at the Unified Trading Session of Interbank Currency Exchanges (hereinafter the “Amendments and Supplements No. 6 to the Clearing Rules”).
The Amendments and Supplements No. 6 to the Clearing Rules contemplate the possibility to conduct clearing upon conclusion of the UTS Trading Session, whereat the transactions involving purchase and sale of Chinese yuan for Russian rouble on the 100% margin deposit terms and fulfillment of obligations on the trading day are concluded, and set a schedule for trading and performance of obligations under the transactions concluded at the UTS Trading Session and involving purchase and sale of Chinese yuan for Russian rouble.
