Russia's yuan net daily sales bounce back in October
Adds analyst quote in paragraph 5, new information in paragraphs 7, 9-11
By Darya Korsunskaya and Elena Fabrichnaya
MOSCOW, Oct 3 (Reuters) -Russia's net daily sales of yuan will bounce back to an equivalent of 5.3 billion roubles ($55.9 million) in October after hitting a historic low last month, providing some support for the rouble after it touched a one-year low against the Chinese currency.
Russia's finance ministry said its purchases of foreign currencies for the period from Oct. 7 to Nov. 6 would fall to the equivalent of 71.8 billion roubles, from 172.9 billion roubles in the previous month.
The announcement by the finance ministry implies that the central bank will boost its sales of China's yuan to 5.3 billion roubles per day in the coming month, from 0.2 billion in the previous month.
The rouble fell by about 10% against the yuan in September, hit by historically low foreign currency sales by the state. The rouble crossed the 13.5 mark against the yuan in trade on Thursday for the first time since Oct. 11, 2023.
"The increase in net forex sales, the growth of exporters' tax obligations, and certain dividend payments, combined with expectations of further rate hikes by the central bank, are likely to stabilise the rouble and allow it to strengthen slightly," said Dmitry Polevoy from Astra asset management.
The finance ministry sells foreign currency from its rainy day National Wealth Fund under its budget rule to make up for any shortfall in revenue from oil and gas exports, or makes purchases in the event of a surplus.
Proceeds from oil and gas sales for Russia's federal budget in September edged down by about 0.9% from August to 771.9 billion roubles ($8.13 billion).
The ministry's forex interventions are carried out by the central bank, which also conducts its own interventions. The central bank did not intervene with yuan sales or purchases in the forex market throughout 2022 and resumed interventions in yuan in January 2023.
The finance ministry's monthly intervention figure is calculated using the difference between expected and actual oil and gas revenues for the previous month, as well as expected revenues for the coming month.
The increased daily sales of yuan will take some pressure off the central bank's yuan swap facility, which has been actively used by the banks in the recent month to replenish their coffers amid a yuan liquidity crunch.
The central bank opposed the excessive use of its swap facility, saying the swap was a short-term liquidity tool and should not be used by banks to finance their longer-term operations such as yuan loans.
The central bank has delayed settlements of its yuan swap operations until the end of China's Golden Week holiday, the regulator's data showed on Thursday, a move likely to contribute to the rouble weakness.
($1 = 94.8000 roubles)
Reporting by Darya Korsunskaya and Elena Fabrichnaya; writing by Gleb Bryanski; Editing by Toby Chopra, Gareth Jones and Alex Richardson
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