China allowed foreigners to exchange golden bidding

Shanghai Golden Exchange allowed a bidding on a gold market for foreign participants in the exchange. These included such large investment banks as Goldman Sachs, UBS and HSBC, Bloomberg said.

Until now, only few residents of the PRC had access to the Chinese gold market. The ability to trade in precious metal should be another step to weaken control over the cross-border movement of capital.

"The PRC government is actively engaged in the opening of its economy and the subsequent conclusion of the yuan to the international arena and, in fact, tests new options for a course formation," Yekaterina Krylova, chief analyst of Promsvyazbank, told Kommersant .

Such steps of China in the liberalization of financial policy are also relevant for Russia, which, due to the deterioration of relations with the West, began to unfold towards the eastern neighbor.

China is the largest trading partner of the Russian Federation, the turnover with which in 2013 amounted to $ 89 billion. According to the Deputy Minister of Finance Alexei Moiseev, half of this turnover could be transferred to rubles and yuan, "if China had removed restrictions on foreign exchange operations for Russian counterparties."

The transition to calculations in rubles and yuan will reduce possible risks of adverse impact in the future by the United States on the operation of Russian economic entities in American currency.

Large Russian companies to protect against risks of the impossibility of operations with US dollars have already converted part of the funds to other currencies.

The growth of the interest of Russian companies in the Chinese currency was reflected in the exchange market. If in the summer the volume of trading on the Moscow Exchange rarely exceeded 100 million yuan per day, then in September it amounted to about 300 million yuan on average, and from the beginning of the current week it exceeded 400 million yuan.

At the same time, market participants doubt that in the near future, Yuan will be fully replaced by the dollar. As noted by the chief specialist of the Treasury Renaissance, Mikhail Berulava, the growth of the volume of Yuan trade on the Moscow Exchange is a pleasant event, but it is difficult to talk about any serious comparison with dollar revolutions.