Russians believe more and more in the yuan and less and less in the euro. For example, since the beginning of 2023, the portfolio of savings of VTB clients in Chinese currency has more than doubled, to 12.7 billion yuan, and its share in foreign currency savings of depositors exceeded 24% and “overtook” the share of the euro (17%). A similar trend is typical for the banking market as a whole, he noted at the 14th Investment Forum “Russia is Calling!” Deputy President and Chairman of the Board of the Bank Georgy Gorshkov.

The dollar is still the leader in the currency “wallet” of Russians, occupying a significant part of it. At the same time, the so-called “soft” currencies, primarily the yuan, are actively increasing their positions. According to bank analysts, by the end of the year the “Chinese” will most likely take up more than a quarter of clients’ foreign currency savings.

“Today, the main interest of depositors is focused on high-yield ruble deposits. Against the backdrop of an increase in the key rate, banks offered the population record rates for this year, which provoked a powerful wave of demand from individuals. At the same time, to diversify their available funds, Russians also choose the currencies of friendly countries, primarily the yuan,” noted Georgy Gorshkov.

According to a bank representative, at the end of this year, the portfolio of ruble savings of individuals will approach 40 trillion rubles, having increased by 21% since the beginning of the year. The bank itself plans to increase its portfolio of ruble savings by 26%.

The high annual growth rate of ruble savings is due to high rates on deposits in the national currency at the end of this year, as well as the “cooling” of demand for loans and savings in dollars and euros.