Monthly average, % p.a.
+10.19%
CNY/RUB
Chinese yuan · China ·
the MOEX market rate
CNY/RUB
12.0480 ₽
−0.15% for the day
The CBR official rate
12.0677 ₽
spread −0.0197 ₽
Volatility over 30 days
9.9%
annualised · regime low
Cost of carry
+10.2%
annualised, perpetual future
Current rate within the annual range
10.4012.97
Change in the rateagainst the rouble over standard periods
Week
−1.49%
Month
−4.07%
3 months
+2.28%
Year to date
+7.03%
Year
+8.21%
Rate performanceMOEX exchange data, intraday and by day
CNY/RUB
What this is
The market CNY/RUB rate, brought to the TOD spot rate. Intraday - MOEX candles, by day - the settlement price.
What it shows
Where the rate went over the selected horizon. Drag the chart with the mouse, zoom with the wheel.
Currently
Yuan in the middle of the yearly range.
The CBR's official rate for the datefor reporting and conversions
12.0677 ₽
the difference from the market rate −0.0197 ₽
The Bank of Russia sets the official rate for the next business day. On weekends and holidays the last business day's rate applies - in that case the date it took effect is shown under the figure.
The cost of holding a positionthe CNYRUBF perpetual future funding rate
Who pays whom
the long position pays
rolling the position through clearing
Daily charge
0.0054 ₽
SWAPRATE on 26.10.2026, per day per contract
Average for the year
+10.20%
range −3.4…17.8%
What this is
The cost of rolling a position through clearing, % a year.
What it shows
What it costs to hold a position in the future. The figure follows the gap between rouble and foreign-currency rates.
Currently
Holding a long position in the CNYRUBF future costs roughly 10.2% a year. This does not apply to buying the currency itself on the exchange or at a bank.
The cost of moneyrouble and yuan money market rates · data as of 26.10.2026
What roubles cost
14.02%
RUSFAR - the overnight repo rate in roubles, the monthly median. That is what a rouble earns if it is not exchanged for foreign currency.
spot 13.96%
What yuan cost
0.72%
RUSFAR CNY — the same rate in yuan. Yuan money is almost free on our market, but the rate is unstable: departures from the usual level occur regularly.
spot 0.95%
The rate gap
13.3 pp
That is what the rouble rate pays above the yuan one - the price of giving up the rouble for the yuan.
a theoretical figure, not equal to the future's funding
Is there enough yuan on the market?
Yes
On days when yuan is scarce the rate leaps to tens of per cent a year - over 3 years that happened on 19 days out of 688.
the current level is the 50-th percentile over 3 years
The rate gap is the theoretical cost of holding yuan, but it does not equal the actual funding of the perpetual future: that is tied to the contract price's deviation from the basis, not to rates.
Rate seasonalitythe average move by calendar month over 10 years
the currency strengthens - the rouble weakens
the currency weakens - the rouble strengthens
What this is
The average change in the CNY/RUB rate within each calendar month, from the CBR's official rates over 10 years.
What it shows
Whether the rate has a stable seasonal pattern - for example, the rouble regularly weakening in summer or at the end of the year.
Currently
In October the rate changed on average by −0.30%. A rise is seen in 4 cases out of 10. The average is sensitive to individual years.
What ifCNY versus a deposit, stocks and gold - on actual data
If 100 000 ₽ had been invested
CNY with no interest
+8.2%
108 200 ₽
11.13 → 12.05 ₽ at the MOEX exchange rate
Bank deposit
+14.7%
114 700 ₽
average maximum rate of the ten largest banks, reinvested
Stocks: the MOEX Index
+8.9%
108 900 ₽
total return, dividends included
Gold
+3.6%
103 600 ₽
the rouble exchange spot
What this is
Actual result of four choices from 28.10.2025 to 28.10.2026. Rate - MOEX exchange rate, deposit - reinvested (the rate used is shown under its row), stocks - MOEX total return index, gold - exchange spot.
What is not here
Forecasts and taxes. A past result says nothing about the years ahead: foreign currency is for those with foreign currency spending, not for those chasing returns.
The bottom line
Over 1 year, CNY with no interest lost to
a plain rouble deposit.
CNY with no interest
−5.6%
94 400 ₽
12.76 → 12.05 ₽ at the MOEX exchange rate
Bank deposit
+62.5%
162 500 ₽
average maximum rate of the ten largest banks, reinvested
Stocks: the MOEX Index
+0.2%
100 200 ₽
total return, dividends included
Gold
+78.7%
178 700 ₽
the rouble exchange spot
What this is
Actual result of four choices from 28.10.2023 to 28.10.2026. Rate - MOEX exchange rate, deposit - reinvested (the rate used is shown under its row), stocks - MOEX total return index, gold - exchange spot.
What is not here
Forecasts and taxes. A past result says nothing about the years ahead: foreign currency is for those with foreign currency spending, not for those chasing returns.
The bottom line
Over 3 years, CNY with no interest lost to
gold.
CNY with no interest
+9.5%
109 500 ₽
11.00 → 12.05 ₽ at the MOEX exchange rate
Bank deposit
+93.8%
193 800 ₽
average maximum rate of the ten largest banks, reinvested
Stocks: the MOEX Index
−9.5%
90 500 ₽
total return, dividends included
Gold
+156.6%
256 600 ₽
the rouble exchange spot
What this is
Actual result of four choices from 28.10.2021 to 28.10.2026. Rate - MOEX exchange rate, deposit - reinvested (the rate used is shown under its row), stocks - MOEX total return index, gold - exchange spot.
What is not here
Forecasts and taxes. A past result says nothing about the years ahead: foreign currency is for those with foreign currency spending, not for those chasing returns.
The bottom line
Over 5 years, CNY with no interest lost to
gold.
Other currencies
The rate is MOEX exchange data - actual trade prices. For the yuan it is the CNY000000TOD spot; for the dollar and the euro the spot has not traded since 13.06.2024, so the rate comes from the perpetual future, the most liquid instrument in these currencies, while the earlier history is built from the spot market. The CBR's official rate is shown for reference. Volatility and seasonality are calculated from the CBR's official rates and describe the past - they do not predict the future rate. The "What if" calculation excludes fees, bank spreads and taxes. Not an individual investment recommendation.