Swap Difference CNY/RUB sell/buy TODTOM

A foreign exchange swap is an exchange of spot currencies (the first part of a currency swap) with the obligation to make a subsequent forward reverse exchange of the same currencies on a certain date (the second part of a currency swap). At the same time, the exchange rate for the first part and the exchange rate for the second part are agreed upon by the parties when concluding a currency swap. The course for the first part (basic course) and the course for the second part differ by the swap difference. The Bank of Russia's "currency swap" operations as a tool for maintaining financial stability represent the sale by the Bank of Russia of foreign currency to a credit institution for rubles (spot) followed by the purchase by the Bank of Russia of foreign currency from a credit institution for rubles on a certain date (forward). The Bank of Russia concludes these transactions in accordance with standard market practice.