CNY/RUB 3M FX Swap Pts (Mid) (MOEX Standartized OTC derivatives market)

A CNY/RUB FX Swap (Chinese Yuan / Russian Ruble Foreign Exchange Swap Pts) is a derivative financial instrument that constitutes a simultaneous purchase and sale of an identical amount of one currency for another, with the two transactions having different value dates. Under this instrument, the parties agree to exchange a specific amount of Chinese Yuan for Russian Rubles at the current (spot) exchange rate, while simultaneously committing to the reverse transaction at a future date at a predetermined forward rate. The difference between the spot rate and the forward rate is expressed as Swap Points and essentially reflects the interest rate differential between the yuan and the ruble for the duration of the deal. Key terms, such as the transaction term and amounts, are defined by the parties to the contract. This instrument is used by market participants for managing currency liquidity, hedging exchange rate risks, or for arbitrage based on the interest rate differences between China and Russia.