MINSK, 26 January (BelTA) – The first export sale with transactions using Chinese yuans has been registered by the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from BUCE Press Secretary Roman Yaniv.
A Chinese woodworking company operating on the Belarusian market acted as the seller. A major European trading company that supplies sawn timber to the European Union, Asian and African countries was the buyer. As a result of the deal ¥1.8 million or $287,000 worth of square-sawn softwood timber was sold. Transactions that use Chinese yuans reduce forex exchange risks of the seller and the buyer and greatly reduce the monetary transaction completion time.
The Belarusian Universal Commodity Exchange implemented the ability to specify prices in Chinese yuans in late 2021 by realizing a set of measures meant to advance exchange trade with China. In the past deals involving residents of the People's Republic of China were made primarily using U.S. dollars or euros, which presented a number of inconveniences for buyers and sellers. In particular, work with Chinese banks was complicated and the sides faced serious foreign exchange risks.
This is why the novelty was welcomed by Chinese traders, primarily the companies that operate in the timber products section where sums of foreign trade contracts amount to millions of U.S. dollars. Roman Yaniv said: “We hope that the first successful experience of making transactions using China's national currency will serve as a good example for all the Chinese companies, which are accredited with the Belarusian Universal Commodity Exchange. We hope such deals will be made regularly.”
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.