Nabiullina on possible suspension of exchange trading in yuan: Central Bank takes all risks into account

ST. PETERSBURG. July 4 (Interfax) - The Central Bank of Russia takes all possible risks, including the risk of exchange trading in the yuan being suspended, into account, Central Bank Governor Elvira Nabiullina told a press conference.

"We take all the risks into account," she said, when asked whether the regulator sees any risk of exchange trading in this currency being suspended.

Also, speaking about the method for setting the ruble's official exchange rate against the dollar and the euro, Nabiullina said that for now the regulator did not plan to make any substantial changes, but was not ruling out adjustments if required.

"As for setting the official exchange rate, our task is to ensure that the official exchange rate reflects the ruble's economic value in relation to different currencies as accurately as possible. Our rates are now set in a variety of ways: the yuan based on exchange trading, the dollar and the euro based on OTC trading and other currencies based on cross rates," she said.

"Questions arise over changes in the calculation of the official dollar and euro rates. We possess full daily data on OTC transactions. We understand the market's concerns about the transparency of rate formation. We will publish a detailed methodology in the near future. We aren't going to make any fundamental changes yet because in our opinion, this method reflects the ruble's economic value in relation to these currencies. But we will of course be willing to make adjustments. We will carry out monitoring, and make adjustments, if necessary, to prevent possible exchange rate manipulation," Nabiullina said.