A growing number of Russians prefer to keep their savings in currencies once considered “exotic” for Russia: the Chinese Yuan, the Swiss Franc and the British Pound.
Each currency has its pros and cons. For example, the Swiss Franc is renowned for its stability but is somewhat under-represented in most banks worldwide. The British Pound is independent of the troubled Eurozone but heavily depends on the banking sector and the tourism industry.
The Chinese Yuan looks the most promising: the Chinese economy is one of the fastest growing and the now cheap Yuan is set to grow in value as China may allow its currency to appreciate.
Yaroslav Lissovolik, chief economist at Deutsche Bank, says Yuan deposits are on the rise in Russia as it is seen as an auspicious investment.