Renminbi and Rouble in the Central Asia Economies

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Renminbi and Rouble in the Central Asia Economies
// Russia and New States of Eurasia. 2020. No IV (LIX). P. 87-102

DOI: 10.20542/2073-4786-2020-4-87-102

Abstract. This article reviews usage of Russian and Chinese currencies in the economies of the five Central Asia countries (CA5) – for trade payments, intergovernmental and commercial loans and also in the official foreign exchange reserves. Information on these matters, unfortunately, is non-regular and very fragmented. However, based on the analysis of available data the author makes the following conclusions. Both the Renminbi and the Rouble are used in the CA5 economies in small scale, while the US Dollar absolutely dominates. Currently the Rouble is more popular than the Renminbi. It is especially visible in those countries, which are the members of the Eurasian Economic Union. Most likely relationship between the US Dollar, the Rouble and the Renminbi in the CA5 economies will not significantly change in the near future. However the usage of the Renminbi may substantially increase, if China removes all restrictions for trans-border capital movements. Also the usage of the Rouble may significantly increase, if Russia takes actions transforming its currency into a regional reserve currency.

Keywords: countries of the Central Asia, Renminbi, Rouble, Russia, China


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For citation:
Polivach A. Renminbi and Rouble in the Central Asia Economies. Russia and New States of Eurasia, 2020, No IV (LIX), pp. 87-102. https://doi.org/10.20542/2073-4786-2020-4-87-102



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