Russian demand for China's currency has surged 8x with ruble-yuan trading volumes at record highs

As a result of the Western sanctions on Moscow, Russians are moving towards the Chinese currency.

Since May 20, when Russia's central bank relaxed foreign exchange restrictions, purchases of the renminbi have doubled.

The Chinese yuan has shown stability and relatively low volatility in recent years, and it can become the main tool fordiversifying foreign exchange savings.

Russian have increased their purchases of the British pound and Swiss Franc by two-and-a-half times.

The Moscow Exchange said this week's trading volume was an all time high. The daily trading volume was 25 billion in April.

Russia's finance minister said last week that the country is trying to weaken the ruble by buying friendly currency.

Thanks to the Russian central bank's curbs on currency outflows and interest rate hikes, the ruble has soared to seven-year highs against the dollar.